I wish I could bring you a full Blacksmithing guide, but my Smith is only level 81. I don't know if I'll have time to get her high enough for Twilight Highlands before the Beta realm is shut down. This guide should get you most of the way up and I'm going to include some worst-case scenario estimates for the vendor phase.
Blacksmithing is pretty easy to level up as long as you have enough ore and volatiles. The main volatile used for trainer recipes is earth, although others are in the mix on optional items. I've tried to include alternate recipes that use only ore, but this isn't possible 100% of the time. At 460 every recipe you learn uses volatile earth and you can't level very well without at least that bit. Luckily you can get past this with just 10, which I don't think is an insurmountable burden. There are other spots where avoiding volatiles will increase your ore usage to a significant degree.
The nice part I discovered is that multi-point recipes are actually viable here. Unlike other professions where the multi-point recipes always used higher materials, even after considering the extra skill points, Blacksmithing has very competitive recipes. I should quantify that by saying that I weighted one volatile as equal to one bar of metal. If you disagree with that methodology you might want to do your own number crunching. As I said, I've provided pure ore alternatives where possible for those who can't or prefer not to use up volatiles.
Also, there's a couple of recipes at 480 that appear to be incorrectly labeled as far as the skill points you get. There's an uncommon quality recipe that rewards 3 skill points and two rare recipes that reward only 1 skill point. I don't know if these will be fixed prior to release, but I've included the uncommon one for now. I put a notation with it in - use the other recipe if that one isn't giving 3 skill points any more.
Since I know someone will ask, the trainer recipes will all be green once you hit 510 skill. I purposely used a 3 point recipe at 509 to get to 512 instead of 510 but the recipes are still not useful after that. I tried making 10 more of the items that were green to me and only got 1 extra skill point for my trouble. Obviously you can keep cranking out dozens of green trash items if you like, but it doesn't appear to do much good.
Here are my recommendations for leveling Blacksmithing from 450-525:
450-455: Folded Obsidium (yellow to you, but you need 75+ anyway so go for it)
455-460: Any Gauntlet Recipe (15 folded obsidium)
460-470: Decapitator's Razor (40 folded obsidium + 16 volatile earth) or Any Belt Recipe (40 folded obsidium + 10 volatile earth)
470-475: Any Boot Recipe (25 folded obsidium) or Cold-Forged Shank (15 folded obsidium + 6 volatile earth + 4 volatile water)
475-480: Obsidium Skeleton Key (25 obsidium bars) or Elementium Rod (45 elementium bars)
480-490: Redsteel Shoulders (30 folded obsidium + 60 elementium bars) or Stormforged Legguards gives 3 skill points, may be changed (8 folded obsidium + 32 elementium)
490-500: Stormforged Helm (80 elementium bars + 32 volatile earth) or Hardened Obsidium Helm (16 folded obsidium + 60 elementium + 24 volatile earth) or Hardened Obsidium Legguards (20 folded obsidium + 100 elementium)
500-510: Redsteel Breastplate (60 elementium bars + 60 volatile earth) or Hardened Obsidium Breastplate (40 folded obsidium + 60 elementium bars)
*** Trainer Recipes no longer Viable ***
510-520: Rare Belt Recipe (100 elementium bars + 100 volatile water)
520-525: Rare Shoulder Recipe (60 elementium bars + 50 volatile fire/water)
Recipe Purchases: 40 elementium bars
Final Tally for materials used is:
Obsidium Bars: 152-365
Elementium Bars: 344-465
Volatile Earth: 10-116
Volatile Water: 0-154
Volatile Fire: 0-50