Honestly, I think that glyphing would be more profitable than muting. Because at least with glyphing you are somewhat guaranteed a sellable glyph if you find, say, a 15% HM tier III item which you can glyph and sell - because those get snatched up like hotcakes.
But either way, I agree with Tyler's original assessment that neither is a good way to make fg. You will be better off just slashing and hoping for drops - because skilling takes a HUGE time investment and unless you are willing to dedicate slashing time to skilling then it won't pay off anytime soon
