I've mostly stopped wasting my volatiles on my priest making Dreamcloth, but since I still accumulate cloth and volatiles I occasionally make them to turn into Illusionary Bags. I've got Tailoring on my mage as well, and while I don't have all the recipes from the TH vendor, I bought the bag pattern and I'm just making those as I have spare mats, mostly Chaos Orbs since cloth is so incredibly easy to come by.
I just don't find spellthreads to be a big moneymaker but it could be on some servers still. Besides bags, you could also see if crafting some of the better Emberfire/Fireweave pieces is profitable, since its essentially cloth+volatiles anyway that you don't pass through your Dreamcloth CD.
I have recipes for both leg patches, dreamless belt and flame ascended pants. I just make whichever is selling for the best g/cloth at the time. I stock up on cloth and volatiles slowly throughout the week, just buying anything below certain thresholds, so that I am ready to go as soon as my cooldowns are available.
There isn't a huge profit margin on dreamcloth right now, but I make ~300g profit per cooldown, so I'll take what I can get.