Well, you did forget that Alchemy increases the effects of elixirs and flasks, not just the duration. If you're gonna change profession, maybe JCing would be a better option, but if you're set on Skinning VS Alchemy, Alchemy is (probably) the better.
Keep skinning! in next expansion skinning will get its second proffersional where its needed :< or atleast go farm some pigs outside of durotar
1. Dont listen to this. Do not base your profs now on the fact that skinning may become valuable in 16 months.
2. You should have an alt do your skinning for you anyways, or if thats your only toon, do daily quests and buy any leather you need cheap off a guildy.
3. Alchemy is super duper cheap and easy to level if youre willing to spend 2 minutes a day for a month. Transmuting, once per day, will make you a profit and get you 35 skill points. I leveled alch from 375 to 430 alchemy for about 100g. And going from 0 to 375 alchemy, I dont see costing more then 600g if you ah all the mats and follow an economical leveling guide.
4. Any serious min/maxing raider has JC and either LW or Enchanting as their proffs. Personally I prefer JC/Enchant, but since you already have LW, its good enough. I would seriously consider dropping the skinning for JC if you have the gold. It will cost about 2000g to power level, but its worth it. It lets you get meta socket requirements easier, it lets you pick up socket bonuses you would otherwise miss, and you get the same ap bonus from it that all proffs give, since theyve been standardized. It is also by far the most profitable prof. You can do the JC daily in 6 minutes and sell the dragons eye reward for 150 to 300g depending on the server. Not to mention the ridiculous gold you make from prospecting ore, and cutting and selling gems.
If you intend to make gold, don't take jewelcrafting. With every person rerolling JC/ blacksmithing usually for raiding its impossible to sell any gems etc on the server (ores sell but not as well as they did say a few months back) its hard to make gold with.
skinning never struck me as a great money maker - granted I'd make stuff and then DE it on another toon. alchemy well - I have 3 alchemists with all specialisations and if you are intelligent it makes a lot of gold, as well as the fact you can supply yourself with 4 hour flasks and crazy alchemist potions.
Alchemy is ftw. Don't be yet another sheep jumping on the JC bandwagon then QQing in 2 months if it gets nerfed.