I just thought I'd see how this goes. I'm going to update this post later once I test it out some more, but out of one stack of crystals I've gotten:

Sheep Leather x1: 4 times
Iron Ingot x1: 3 times
Iron Ingot x2: once


Leather: 55
Smithing: 0
Earthsday facing south


edit:

Second stack of crystals
Sheep Leather x1: Once
Iron Ingot x2: Once

Third stack of crystals

Sheep leather x1: five
Iron Ingot x1: once


So I don't know. I'm going to keep raising my leather, and my luck seems pretty decent now. So when Lightning day roles around I'll test out my luck again. This time it wouldn't be worth it to try and make good money, but once I get leather up there enough I might just sit around and HQ these for a quick buck.

Edited, Sun Jan 29 16:54:50 2006

I know this hasn't been posted on in some time, but the question still stands sorta, and thats if you need smithing or not. I Can desynth these into iron ingots and I have 35 leathercrafting and thats it. Kind of rare to get 2 ingots from one desynth, but it happens. 40K a stack on my server. Sheep leather is 30K a stack if you don't get many HQs outta it.

How on earth do you get iron ingots from these? It says it is a smithing skill, but I surely can't get anything from them in 20 attempts on lightnings day. Do I need leathercraft ALSO to get ingots?

This is just a speculation, I havn't been able to put it to the test yet, but, given a guess, I'd say that the recipe for this would be: 1 lenght of iron chain and 1 square of sheep leather combined using a wind crystal.