Rolled an orc, doing it almost exactly as you say, though haven't done any archery, just straight 2 hand, heavy armor, enchant and smith. I didn't think an orc would use a bow, that's my concession to roleplay with this one.

I found a spellbook for transmuter so I've been transmuting iron ore to silver and gold, making jewelry, selling it, lather rinse repeat. Smithing goes up pretty quick. The slowdown is the low mana and having to wait to transmute. Haven't found a magicka regen item to disenchant and make my own yet.