LW has 3 specializations that you can choose at around levels 40-50. They are:
Elemental - Rogue and Feral Druid oriented
Tribal - Caster oriented
Dragonscale - Make mail armor, Hunters and Shaman
I would say take leatherworking and work your way up to tribal. Leather has a higher armor class than cloth, so you are going to be well protected at the very least. Also, the cloth you will be collecting and using for tailoring would be better suited as bandages for first aid. Yes, even healing classes should take first aid.
As far as money goes, I will beat the dead horse before anyone else...crafting professions are considered a money sink and you will be better off just taking two gathering skills and selling the mats on the AH. That said, I have found many things in almost any crafting profession that are needed by other crafters or quests, along with some items that are nice to have. Choose what will make you enjoy the game most.