yeah thats a way i've done it a few times.
Another is make Tablets.
fishing lobbies/sharks (what i do)
or cut yews, it quicker but u lose out on some cash.
Smelt Iron, and 2 coal into steel bars and sell the bars. or smelt into bar then cannon balls and sell those (buy iron and coal)
Get farming up and plant herbs
Kill dragons/higher lvl monsters.
Mine coal/mith/addy/gold
Fletch Yew longs/Magic Longs then alch (this might cause money to be loss if u don't know what ur doing or supply at least 1 item u need)
Barrows/ God wars (go with a team)
Thats all i can think of right now, i'm sure there are lots of ways
Oh and Wood Cutting/Fishing Level dose not increase the chance of cutting/catching.