We already have a lot of things that can be used for crafts, I think we should use those as much as possible.
For instance a forging a good weapon should entail a bit more than just mining and processing the ore. Any weapon would be put together from different parts; for instance blade, crossguard, hilt and pommel for a sword or dagger, spear-/arrowhead and shaft, for a spear or arrow.
We have a lot of different trees to use for the hilts and shafts, each kind of wood could give differrent properties to the completed weapon. You'd need leather strips or string to get a better grip for the hilt, those are made from the hides of cattle or horses, which we also have already. There are also various kinds of jewels and other gems that can be used for decorations, to further enhance the weapon.
Same thing could be done for armor; you'd need plates, leather lining, padding etc.. For padding you could use wool, cloth or fur, which also exists in various forms.
I also think that armor for thieves should mainly be made from leather products and dark cloth, since thieves should be dependant on speed, dexterity and stealth rather than brute strength. And for spellcasters it should be made from cloth, and decorated with things like jewels, feathers, pearls, mirrors etc, to enhance the magic. (We alreday have silk, wool and linen thread and cloth.
All these extra things can be collected all over the world, some are very common, others rare and hard to find.
There is actually an entire 400 room zone dedicated to crafting and ranching (another feature, meant for Old West, that was dropped halfway). I'll mail the details of it to Once, when I get back to my own computer. (At the moment I'm house-and dogsitting for my relatives).
Anyhow, I think it would be cool if we could create a kind of player market, where those who like to explore and collect could sell all the extras to those who prefer to spend their time crafting.