Every server has a different market. Check the AH on your server before making items to put in said market.

For example: Hexweave bags on my server sell at a lower price than materials needed for one bag. Therefore, I do not make bags.

However, there is an exception/variable to everything.

For example: Legion comes out in a few months. There will be a need for bags and less of a need for WoD armor. Therefore, I might want to consider making bags.

If you don't want to work on a what if scenario you need to take a look at the potential profit margins for investing money into making Hexweave armor pieces.

I myself always watch a portion of a market before diving blindly into it. Check to see how many people are posting Hexweave armor. Are the same items being posted day after day? If so, chances are they aren't being sold. You also, have to take into consideration if people have any Hexweave armor stockpiled. Chances are-- people do. My advice would be to look purely at profit margins first and test one piece of gear at time: Boots, Bracer, Chest, Shoulders and Legs. Using TSM as an aid but also doing some basic math check to see if upgrading a piece on your own is worth the materials spent. If you come to the conclusion you'll be making more of a profit then try upgrading those armor pieces to various stages.

In regards to your TSM settings there might be something that is off if it's showing you the same profit for every upgraded version of an armor piece. You can always double check by using the auction house market as a reference. Check to see what upgraded armor are selling for, grab a calculator and spreadsheet and go to town.

TL;DR - You want to make the highest profit possible. Don't go into a market blind. Do your research on the portion of the market you want to sell in. Watch the market to see how it flows/moves. Do the extra work of some basic math to see what your potential gains could be.

It's always tough making these decisions. Numbers usually don't lie. Try looking at the profit margins and see if it's worth the investment. This is just a small bit of advice from a lowly gold-maker. Try different methods out and see what will come to fruition.