Don't runecloth/mageweave bolts drop there as well?
I tried doing the same run to see if I could gain that much on my server. When I came up for auction though, I found out oily blackmouth was only 2G a stack(with over 5 stacks selling) and firefin oil was 2G a stack as well.
Mageweave cloth however, were selling for 3G a stack, meaning at the equivalent, I would be able to sell mageweave bolts for 15G a stack. I put them up, and they sold. Mageweave/runecloth bolts are where its at for me I believe.
I also picked up all the oily blackmouth in the AH. Coupled with the stranglekelp I found both while fishing and in the water(I'm a herbalist), I transformed them into free action pots and started selling them. They sold really well, although I'm not really making very much more profit than I could just selling the stranglekelp + blackmouth individually. The free action pot market is barren though, so at least I get to sell my stuff regularly.
Also, check out the price of Deviate fish on your server. They are used in cooking, and in alchemy to make savory deviate delights and elixir of giant growth. At 6-8G a stack on my server, they can be well worth the time.