I've got the army of transmute specialist alchemists.

Toons who are 75+ can raise their alchemy cap to 525.
You don't need any special recipe, it can all be learnt from trainers in SW/Org.
You need 485 for Transmute: Elements.

On each team, leave the one who is on the same account as your AH toon in SW/Org.
Park them at the mailbox closest to the bind point.

Take the rest of the team and fly to Gadgetzan.
From there, head to Vortex Pinnacle, in Uldum.
Specifically, the summoning stone.

Buy Volatile Life.
Use a spam macro, that you push every 5 mins or so, when on your AH toon.
Buying Volatile Life in bulk, paying "x" each or "y" per stack of 200, please send COD to AH Toon.

Mail 15 Volatile life, per team member... or 75 per team of five toons to the toon on the team that is in SW/Org.
Have the party summon the toon to Vortex Pinnacle.
Distribute the Life, so each toon gets 15.
Do your once per day transmute (cooldown refreshes at Midnight server time).
Trade the transmuted Air + Randoms to the delivery toon.
Have that toon (only the one) hearth back to SW/Org.
Mail the transmuted mats to your AH mule.

You'll get mostly Air.
But the proc, if transmute spec, will be randomly Fire, Water, Air or Earth.
Earth will always be sold.
If Truegold is at a decent price on your server...
Then save Fire/Water.
The Transmute Elements will take your toons up to 520/525 skill.
Not that far or expensive to go to 525 for Truegold.
If Truegold is not selling well, or is too lowly priced then just sell Fire/Water off as well as Earth.

Truegold is 3 Pyrium Bar, 10 Air, 10 Fire and 10 Water per transmute.

For me, Truegold was a good option for a close to a month.
But Life > Air is far better now.
Then again each server has a different economy.

I buy Life at 8g each, having people send to me COD.
Buying on the AH is on average 9g each.
For quite a while, I've had two different bulk suppliers sending me Life at 6g each... but they've stopped.

Air sells for 15-16g on average per single.
But in stacks of 5's, they sell for 17-18g on average (per one, or 85-90g per stack).
Stacks of 10's sell for 18-19g (per one, or 180-190g per stack).
And stacks of 20's, 50's and 100's regularly sell at 20-22g per one.
Not sure why larger stacks sell for more.

With 29 transmute spec alchemists.
I average 10-15 stacks of 5, 10-15 stacks of 10, 5 stacks of 20 and 2-5 stacks of 50 or 100 per day.
That is listing the Volatiles once a day, and not even checking back to relist or undercut beyond the initial listing.
I will occasionally buy out those who have undercut too much, and then list everything at a "fair" price.

Currently I'm making 25k a week on average.
That is for 45 minutes work per day, in transmutes/mailing/listing/mailbox time.
I'm a little over +450k since Cata launched, purely from transmutes.
It is pretty simple to do.