Water to Air
Complete the quest chain in Scholomance given to you by Eva Sarkhoff, the ghost outside the entrance, you gain an item that allows you to interact with the other ghosts on the island. Among them you will find a vendor that will sell you the Water->Air transmute recipe (binds when picked up).
Essences of air are found in Silithus, but their drop rate is highly irregular. They are also used in various rare and epic crafted items. Thus they have earned their AH price of approximately 15-20 gold on my server. By buying Water essences and selling Air essences, you will make 7-8 gold or more per day - only slightly more than by doing Undeath->Water. Prices may vary on your server, of course. This is the easy way of doing things.
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