I have max mining and max herbalism on my hunter.
Yes, they can work together. I farm both at the same time with no add-ons, nothing fancy. My personal preference is to leave my herb tracking on, because some of the more expensive plants I farm are tiny and hard to see on the ground. Also, compared to a plant, an ore node is huge and out in the open and much easier to spot. (I don't really bother swapping the two out.) I might occasionally miss a ore node here and there, but on my server herbs sell quicker on the AH versus ore.
If you farm both at the same time, you need to do these two things:
1. Make sure you have a decent graphics card in your PC. With my old graphics card I had a hard time seeing many plant nodes on the ground (especially if you have graphic settings like detail and distance turned down). With my newer card half the time I can spot the herb/ore node on screen before it even shows up on my tracking radar.
2. Train yourself to look for herbs and ores visually, don't just rely on the tracker. Often I find that mining ore nodes will spawn within a few feet of herb nodes too. (I've snatched up nodes from epic flying mounted competing players on my regular speed ground mount in Outland before because they could not see where the plant was on the ground, and they just kept flying over the same spot repeatedly because that was where their tracking showed it was).
And maxed skinning, umm yeah, good luck with that. I dropped max skinning on my toon for max herbalism, because on my server, skins don't sell for crap at the AH--I was actually making more money by just vendoring the stacks of skins than listing them! (I absolutely refuse to sell something on the AH for less than what the vendor pays for it.) Compared to skinning, my herbalism makes obscene amounts of money hand over fist.