The OP said that a stack of cloth (4 bolts) costs about 40g, and an ethereal shard is 40g. Assuming the OP is in an at least level 23 guild for the Bountiful Bags proc (and has an enchanter), the OP is betting on luck and RNG from DEing blues to make money. The OP could make money, but it will be miniscule for the amount of time it takes to make bolts > make gear > DE gear > post shards. The OP could also lose money because the value of a shard and a stack of cloth is so close in value.
It's always a bad deal to base money making off of the crapshoot that is Bountiful Bags, alchemy procs, etc.