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Then my other concern is when I do higher instances something better may drop and there goes 1000g.
Then I guess to get to the higher drops you need good equiptment to start with :)
Is this a valid concern, is there to much out there that is that much better?
Well, considering how long it would be before you do upgrade Frozen Shadoweave/Spellfire, I wouldn't fret too much on it. You're looking at some heavy duty raid instances for when your upgrades drop, and even then there is no guarantee that they will, and if there are other mages with you, they always have a shot at getting it as well.
Judging from the time frame that it will take to get to the point where you can actually get the upgrades (T5+), I wouldn't worry too much about it.
And short of the arena gear, you really aren't going to find much better gear than the epic tailoring stuff, and even then, it's situational. If you're Frost, for example, and let's say you have the full shibang with Shadow's Embrace, but you get an itching to go fire, then you save yourself a lot of money by having the Arena stuff (figuring in time it takes to farm the mats for Spellfire, plus the respec cost and the cost to drop Frozen Shadoweave Tailoring to take of Spellfire Tailoring)