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I also know that Engineering involves almost no profit and I wouldn't be able to sell smelted bars much anymore because I would be using them to level Engineering.
Me thinks you have been listing to Mr. Gloomnous Doom, or just buying in to horrid steriotypes.
Firstly;
I also know that Engineering involves almost no profit
Just how do you know that? have you tryed or are you listing to general banter, or falling for some of the propaganda? I Make HUGE money as a engineer, for me it started at level 20. Dependant on faction(I failed as a allance engeneer but thrived as a horde, only becasue i had a better idea what to sell). Meny items I make are used in quests, and those are the items you need to focus on. The game also has a huge market for scopes(i can buy all the mats off the AH and still make a few silver off selling them, very few items in the game that works with). My recomendaion is to search quests and find what is needed to complete quests; the game has a lot of them, and I will tell you the one that payed for 3 epic mounts. Quest called It's asking a lot, due to it i can sell unstable triggers and Hi-explosive bombs and make a killing. an other trick i use is making compact havaster reapers and target dummies, theese guys give up the elusive Fused Wireing, on my server they sell for about 10-20 gold each. if the market will not sell the FW, i convert them in to Feild repair bots, and those go for on average of 35 gold a pop.
When should have you started?, level 5, as a pally you never realy had that level 40 hurdle to get over, the mount, though it is good to have some extra cheeze arround, I would recomend you start blowing stuff ASAP.
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I wouldn't be able to sell smelted bars much anymore because I would be using them to level Engineering.
Not true, i use only a faraction of the bars i pull out of the ground for explosives, i am actualy usualy short the stone i need, so i sell surpluss bars. Heck if you are insane and use a explosive on every encounter maybe, but thats just wasetfull.
The biggest input is that if you wont use it, dont train it, bright eye goggles.... cloth dont train.... sepll power extream goggles.... same, Crappy guns nobody wants, dont train it. the cheapest most efective way to level is though explosives (at least till the end) and bullets(give them to your hunter freinds).
I ran numbers on my orc and this is what i saw,(at my servers prices for mats)
I spent about 235 gold (worth of mats trainers and AH for rare stuff, like thourim bullets)to level to 300.
I made about 2200 gold selling quest items and repair bots to other players(7 month strech)
so ya the job has been good to me, but thats becasue i worked it, and didnt take a copout that it is a job with no money in it.