Seeing how the market is on many servers, I would go old school and farm for the old materials, then auctioning off what you may have left. Ghost Iron is a too unstable market currently, prices jumping so much that you lose on it. So grab your mining pick as get working.
Reason Ghost Iron crafted 'prices' are so high, is because you take a shortcut and they think you will just get a pair of mist-piercing goggles. (Bonus nodes for herbs/veins).
But do yourself a favor, mine all you need from old materials to new, then craft your way through blacksmithing. Spamming Ghost Iron items is going to be too expensive overall, you could have used that ghost iron for something else.
Blacksmithing Guide - 'Shopping List'
A long list there, giving you an overall view of what you might need.