I'm considering getting a smithing cape as my first skillcape, since I enjoy the skill. What would be the cheapest, plausible method towards obtaining my goal? I could do Stealing Creation for the hammers, but I'd rather avoid grinding it over and over.

Aren't addy bolts a decent away? (unf) Atleast that's what I've heard. They sell too...

That's what i'm going to do just because I have a ton of gems to make bolts with, do something useful, if your mining of course. If you're buying materials, do whatever yields the best profit.

Like most skills, it's hard to get good xp and make money. just look at prices and number needed to find the most efficient method.