The real reasons that Squama supply crapped out are:
1) No more people making VWNM trial weapons. - No more incidental Verthandis.
2) Prices dropped. - I was still paying 1mil per Squama when I hit 110. The price is now 500k per squama (and there has been inflation), so there's less incentive for people to farm it.
3) Voidwatch rate decrease. - In the entire history of FFXIDB, only 120 Squamas have come from Voidwatch as opposed to 298 from Verthandi. So it contributes to the supply but is not really driving it.
Heliodors are relatively easy to get. Just throw gil at the AH and they'll appear in your inventory. I probably wouldn't bother with Kilijs because they're a PITA (like 15 ingredients all-told?) and there's honestly no reason to take Alchemy over level 106 at the moment. At 106 you can Tier 1 HQ the only profitable hexed synth (Coif -1) and the Tier 2/3 boosts you get between 106 and 110 are minimal.
That said, "profitable" is a bit of a relative term for Hexed Coifs. I mostly make them because I feel dumb having leveled Alchemy to 110 and want to validate it with trivial profit. At a 6.25% HQ rate, 5% break rate, and 550k per Coif, Hexed Coif -1 costs 9.25 mil to make on average. If you do 20 synths, you have a 30% chance of NQing or breaking all 20 synths and simply being 11 mil in the hole. You cannot be 95% confident that you will HQ once until you do about 50 synths (27.5mil investment). Can you imagine gathering 50 Squama in the current economy? Why the heck even try and skill up Alchemy?

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