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Manipulating prices also works well at times. you could just buy stacks of stuff from a lvl 2 hamlet and then put it up for sale after it leaves defense mode. Usually see pple putting stuff up for 65k. thats 15k profit per item, with absolutely o work done.
Crafting because I find it fun.
Both have a good chance to make gil. It depends what's farmed and what's crafted. Not everything you farm will give gil and not everything that is crafted do the same. So it goes both ways.
My favorite farming method is the tried-and-tested Don't spend anything technique :p
In all seriousness though I rely heavily on crafts to make what I need, sell what I don't; never waste money on pointless things and you'll find that you have a steady flow of gil coming in rather than going out~
Mixing it up a bit with farmed/crafted items etc I have found to be best so that I don't get crazy bored with my moneymaking endeavors lol D:
It really has to be both to make them both relevant.
Crafting sort of requires farming in the first place...
But still I would prefer a player based economy that values the work of crafters rather than mindless grinding (ok, I guess crafts can be mindless grinding too, but you know what I mean).
I actually am trying to remember farming and I can't. Maybe once when I was bored for wool, but the farthest I've gone was to other camps to deliver crafting leves XD