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While the proc is random the law of large numbers will mean that over a large enough sample size your actual yield will be the same as the average proc rate. If you transmute 10 times then you can't rely on the 20% proc rate, once you pass 1000 though, you're average will start approaching the true rate of 1.2 bars per transmute. If you are in this for the long haul it then makes a lot of sense to use the average proc rate to calculate your profits, especially considering the fact that all the items involved sell really well.
Inscription and darkmoon decks remain highly profitable still as long as you approach it with the right mindset and understand that it is a commodity market and the goal is not necessary to sell crafted decks. For me, it's an exercise in managing purchasing Linen & Herbs below market, balancing opportunity cost of converting linen to expulsom, and mass purchasing underpriced individual cards and relisting them at a profit but under the crafting cost so that they move. That's the primary goal, and you naturally complete decks that you sell but you don't go out of your way for.
You will get the recipes for these high level armors through a new discovery system. First you have to craft the base ilvl 355 armor (normal raid ilvl) which requires BfA Leatherworking 115. After you craft this armor, you will discover a new recipe, which is ilvl 370 (heroic raid ilvl), and after you craft one from the ilvl 370 armor, you will discover a new recipe for an ilvl 385 armor (mythic raid ilvl).

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Recipe ranks basically make you more efficient at making stuff, either by letting you craft the same number of items for fewer materials or getting a higher yield from the same amount of materials. As an example, having a one-star rank recipe lets you craft items at a relatively inefficient way, but when you acquire two-star or even three-star recipes, it can almost feel like you are crafting items out of thin air because of the low amount of materials required for each craft.

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Patience and extra gold are rather important for the mounts so it might not be best for you right now. As for the operation (Wrath and Pandaria mounts right now), you need a miner (ore is cheaper than bars), transmutation master alchemists (living steel and some time eternals for daily cooldown, titanium and riddle of steel), and potentially multiple engineers (for more Sky Golems, plus at least one gnomish and one goblin if you want to do both rockets). The best way to source Pandaria mats cheaply is to buy up Spirit of Harmony when it's cheap and check often for mats cheaper than the conversion rate (1 Spirit buys 20 ghost iron ore, 5 trillium ore, 20 Kyparite, and more). Same with Eternals (for crafting titansteel)...you have to regularly check and grab them up whenever they're cheap (frozen orbs can be exchanged for eternals in old Dalaran too so watch for some cheap orbs as well). I also sell Golden Lotus on the side since it goes for more than the Spirit cost. (Edit: Also should point out that at the end of the expansion everyone is bored with nothing better to do so the profits on the mounts have dipped to as low as 5k.)
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