I think Squintina's shown both methods (the first requires 550 GP and the second requires 600) that I've seen practiced. Personally I used the the 550 GP method and sometimes you end up with no HQ, while once (literally just once) I ended up with 5 HQ from a single attempt. Usually I walked away with 2-3.

If you have sufficient gathering/ perception/ GP to do either method (ie. can gather, HQ% >0, have 550+ GP) then you're ready to get started. Not much sense in holding off really. Even with the best gear you're not going to be able to gather the materials that much faster.