Enchanting items is not broke. The scrolls are pretty much useless, sell those. The key to enchanting happiness is SPIRT magic. My healer is level 4 expert in spirit, and I have a +5 spirit magic bow I wear. He (the mary looking elf) cast enchant at 90%. I also have no problems getting the top shelf enchantments either. Grandmaster Composite bows for all mwahaha.
If you want to make money with enchant, don't bother buying expensive items to enchant. The BEST item for profiting is the bone club. Each enchantment level is a fixed +gold (500, 1000, 1500, ect...) I am able to resell at about 50% of value currently, so if I spend 1500 on an item, I really have to hit a super enchantment just to break even. OTOH, hard to go wrong when you spend $1 for a bone club. Pop a $500 (+1 light magic for ex) and insto-presto $249 profit. I have over $500,000 on hand just from bone clubs, peasant belts, and wot ever I pick up during my endeavors. This allows me to buy really good items and enchant for my party to wear. Keep in mind, ONLY items of "normal" quality can be enchanted.
On things like rings you can't see what the quality is before buying, but you can tell by the value. IE iron rings of normal quality are 100 value. The rule of thumb I use is if it has a value of $250 or less, it's worth buying to enchant/re-sell. If I only get a level one enchantment, I will about break even. If I hit a good one, cha-ching. Nothing like a "bone club of goo" to pad your wallet. The other nice thing about the cheap items, is almost any level can repair it if it gets broke.