I think its more profitable then GF if you got a good char with high MF. If you doesnt got that, you are better of with GF.
Also, the chance of getting banned with this kind of profile are very slim, there by you can afford to build your chars up with very expensive gear.
I think running something like this on 12 chars 24/7 would give you really good profit if all the char have high mf, you would easly get 2-5 good weapons to sell
and easly 20-30 legendarys a day...
In 24 hours you would make 10-15mil on a good GF DH, you would get maybe 10 ilvl63 rares.
As shown above, you would end up with about 120 ilvl 63 rares, if you sell them all unid for 100k(which is underpriced) you would end up with 12mil...
And now im not counting the legendarys you would find and all the 61-62 gear you could sell unid or identify and sell on AH.
So i think, with a good char this is more profitable then a GF char, and you wont probably get banned by this either!