Can you actually profit off of getting high level items such as infinity from the mage training arena? I have thought about training my magic there.

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Infinity sometimes sells, sometimes doesnt, but most of the time it is worth it.

That's really why MTA is such a great way to train. The Infinity pays for the runes, and usually you get some profit. Plus it is relatively fast xp.

The telegrab arena is rather slow and annoying(for the points needed if you want to buy infinity items).I'd say use the enchanting arena to get mage xp(remember the death,blood,cosmics you get for each set of 10 orbs and the fact that you can buy cosmics for 5 enchant points , if I remember correctly).Use the deaths&bloods at barrows for example to get a chance at items.