I'm averaging 11g per Volatile Life.
And you need 15 of those per character.
Which is an average of 165g.

They transmute into 14-16 of the result.
You can force the result to be Volatile Air (the most valuable) if you do the transmute in Uldum.
On my server, Air sells for 24g.

Plus you get procs, which can be any element pretty much random on those.

With 29 alchemists (24 doing the Life to Air transmute), I'm averaging 8,500g a day in under an hour of mailing things back and forth and logging teams on.
The five who aren't doing Life to Air, are doing Truegold as I am starting to work on the mats for 5x Vial of Sands, or whatever the item is called for the Dragon shapechange.