Initially Frostweave bags were not a moneymaker and on some servers they still might not be, however take a look on your server and see if you take advantage of them. First off, here are the materials:
Frostweave Bag
Materials:
6 x 
Bolt of Imbued Frostweave
2 x 
Eternium Thread (2 gold 85 silver each)
So to make a long story short all you need are 60 Frostweave cloths and 12 Infinite Dust. 1 Bolt of Imbued Frostweave requires 2 bolts of Frostweave cloth and 2 Infinite Dust, and 1 bolt of Frostweave requires 5 Frostweave cloths.
To Farm or Not To Farm
This is the question for every crafting profession. To be honest, if the prices of the materials on the auction house are too high and you think you should go farm the materials, think again. If that is the case then you can go ahead and farm but you should just sell the materials to make more money.
Unfortunately sometimes this is the case on the auction house, there is no such thing as a fair and rational market in the World of Warcraft. Some people just post anything at any price, and that means some things could be ridiculously overpriced and some things could be ridiculously under priced. If it’s ridiculously under priced you should do your best to exploit that and make money from it.
How to Make Money with Frostweave Bags
If you can see that there is a profit margin for buying the materials and selling the bags then perfect! Otherwise refrain from making these bags or anything else for that matter until it does. The only reason you would make these bags, while losing money, is to level your Tailoring.
So keep watching the market and when you start seeing some profit margins for these bags, starting selling them! Netherweave bags and Imbued Netherweave bags still sell alright so use those as well!
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