I saw your thread in Crafts, but thought I'd reply to you here - out of the public eye! 
Go for it Flubba - I think your stuff is very very sellable - the car/crayon thing is great and has scope for lots of variation, the jeans pots are wicked - also scope for different sizes and obvious up-cycling which is very "now". (I can see them in tweed!). The tea cosies are cute, think different animals, bags, aprons - what isn't there to like!!!
Your profit is a good start - how about doing just two or three "lines" and see how it goes? What have you got to lose?! Worst case senario, you have a bunch of lovely gifts 
I am going to try something similar very soon. I have a thing for bags so I am going to start with them. I've made some and have to knock out some more. I'm just crossing my fingers and hoping for the best. I think they are cool - hopefully someone else will too! If they don't sell - they'll sit around here until my girls grab them I guess!
I had a idea to kick off my Etsy shop - I am going to launch my bags with a giveaway - show off the bunch I've made and give one away - the winner can chose which. I thought I'd try to combine it with a get more members drive - to win you have to join my blog and leave a comment saying which bag you'd like - not sure if that looks too desperate/greedy but it is a great prize so....
I also want to link my bags to all the big linky's - before I announce the giveaway, because you can't link giveaways and things for sale. Just to drum up some interest (hopefully). I notice that you've only listed one - I've discovered some biggies and am getting a fair amount of traffic from them. They are listed on my right sidebar, down a bit. www.trulymyrtle.blogspot.com
Not just a Housewife is getting me the most hits this week.
I've got no labels and although I'd love some, that might have to wait. Something homemade maybe. Speaking of homemade labels, I read that you can iron typed fabric (as in with a type writer) and it sets - might be worth a shot...
Anyhow - in a long winded way - I wanted to say - yes, I think your stuff is good enough.
(I feel the same about no comments too 
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