is it best to farm mobs for loot
or profession farming, mining/herb?
Depends, there are many ways to make gold.
In my opinion, AH flipping is potentially the best gold-making “farm”, but you need a bit of start money and know what sells and what doesn’t. Be prepared to risk money sometimes.
(for example: I’m buying cheap Silk Cloth and then relist it for a higher price. Doing a bit of gold everyday, with minimal effort)
As Hunter, you have the option to do Tribute runs in DM:N (takes a bit of practice and you need Engineering or Blacksmithing to open a door), or farm raw gold via killing mobs and skinning (and sell low lvl leather to vendor, and Thick/Rugged on AH).
Other than that, there’s professions 
There are plenty of farming spots and gold farming methods. So far I believe that the best way to get gold is to do solo DM jump runs with mining and herbalism. You kill first boss (water elemental) for the chance of getting water essence which is like 15g or something, then go towards the last boss collecting herbs, fight him untill you get the cave open when he is at low health, reset the boss and get into it with invis pot/stealth and mine rich thorium for a chance of getting arcane cristals which are 50 or whatnot gold.
I personally farmed gold during p1 by killing elementals for essences (EPL, Silithus). After I accumulated enough gold I spent it all on “prestigious” crafting recipe and started making money off of selling the item I can craft and selling craft itself with a fee.
I assume if you get starting capital to get the recepies/patters you can still make money off of enchanting/alchemy/tailoring/blacksmithing/engineering
But back to your specific question
Mobs for loot = extremely luck dependent, you may as well pretend that you are farming epic boe items that cost 500g+ each, kinda afk if you grind easy mobs, needs a lot of focus if you farm elites (like the ones in Thyr’s hand over at EPL)
Gathering = semi-afk grind where you mostly watch tv shows instead of looking into the game. But it is somewhat more reliable and stable. Then again it can be random. I remember farming Azshara for Rich Thorium for a whole day, getting 8 or so stacks of ore and ZERO arcanite crystals. But then I got 4 of them in a span of 10 minutes because classic is truly randomized.
Alternatively like a person above said - play on ah. If you know the prices of stuff and feel confident - you can make money. But you need a big starting capital to get it going for a noticeable profit. But it’s too risky in my opinion.
Or sell your services (depending on your class), for instance tanks love selling StratScarlet runs for Righteous Orbs.
Oh right, you can also “rework materials”. In most cases smelted bars cost 1.5-2 times more than the ore itself (because most of people dumped gathering professions for engineering). So you can technically buy 500 thorium ore for 60g, smelt it 1 to 1 and sell it for 80-100g. Making you some gold by simply being afk and doing something else.
Some crafts have annoying-to-craft things like Sapper Charges which need a lot of different mats and time to craft, so they generally sell for twice as much money as the materials. So if you are feeling like grinding 700 solid stones into 60 or whatnot sapper charges, you can do that.
Farming/making gold in mmos is fun.
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Depends on class, I make all my gold from boosting/AOE grinding dungeons.
What class are you farming on? At what lvl?
warlock 60
You can reliably do solo DM Jump runs as a warlock. Alternatively you can farm some elites over at the south part of Winterspring for the Eye of Shadow or whatnot, the priest staff item thing. Not sure how profitable that would be though.
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