I was frustrated, but ended up finding an interesting outcome.
I started a DH as a second character and wanted to acquire Karlei’s Point for Impale with my Holy Point Shot.
First step, tried Kadala, but her 1-hand mystery weapons are all bows. Still tried upgrading rare to legendary, but still bows.
Second try, checked all the merchants for daggers - none.
Finally, forged a dagger, Sovereign Punyal by Haedrig. It costs 15 each of the three mats + 1,000 gold. Bought 6. Took them to Kanai’s Cube and on the 3rd I got a Karlie’s Point. Used Ramaladi’s Gift to add a socket.
Here’s the good part. The remaining 3 legendaries got 3 Forgotten Souls. The remaining 2 rare daggers went to the merchant to sell. Each one sold for more than 5,000 gold. The final result was:
5 x 15 = 45 each mat + $5,000 gold = 3 Forgotten Souls + 10,000+ gold (not counting the 6th set for my Karlei’s Point).
If you have extra mats and not enough gold or Forgotten Souls this can be a nice formula to remember.
You haven’t taken Death Breathe into account. Each update rare use 25 DB.
In other words, 25 DB => 1 Soul
DB is a very important mat in many situations. So, hard to say if this way to get soul is a good trade.
Also, mats are more valuable than gold. I don’t think it is a good idea to earn gold. Gold is just a side product.
Not to mention, gold is so easy to obtain, it is pointless selling anything for gold. Far better to salvage.
Bows are 2-handed weapons.
You’ll never get a bow from Kadala’s 1-handed weapon category.
You may get 1-handed crossbows, however.
Merchants don’t sell legendaries.
Each upgrade rare to legendary cost 25 DBs. At T16, elite packs tend to drop 3-4 of these, which means that’s seven to eight elite packs worth of DBs. It’d be unusual not to get at least one legendary from 8 elite packs. This is not a good conversion.
Run your T16 rifts and/or Bounties with a max rank Boon of the Hoarder on. For a discussion over on the EU forums recently, I did 10 T16 nephalem rifts like this. I earned just under 1.4 billion gold. Individual mob kills drop more than 5000. It’s totally not a good idea to convert items into gold. Salvage them, you’ll need the materials a lot more than gold.
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I appreciate the comments.
My discussion was based on just starting out. Unfortunately, I’m not good enough to do T16 while at level11 and haven’t been able to find the Boon of the Hoarder I buried somewhere in the Bastion Keep two seasons ago. 
Challenge rift?
Gold problems pretty much over at that point.