Did a quick check on the alchemy.
For 100 vanadium and 100 platinum you would get 1 unrefined fluxed condensates.
Now, given that vanadium has buy orders for around 600isk and plat around 900isk that means an alternative cost of 600*100+900*100=150000isk.
Now what do you get from alchemy.
1 unrefined, lets assume we have 100% refine so 1 unrefined becomes 10 fluxed and we get back 95 plat, now here is the kicker...
Fluxed condensates is the worst complex reaction material there are but it is worth around 3000isk/unit.
So the reaction would yield 3000*10+900*95=115500.
So the loss would be 44500 and this isn't including the cost of the pos upkeep.
Most of the alchemy reactions require... cadmium which is unavailable for us. Others require chromium, and that is also unavailable. Some require mercury (which I dont even think exists in fountain) etc etc.
There are some free platinum moons and possibly vanadium so that reaction would be open to us but as you can easily see it is utterly worthless.
(whoever came up with the alchemy idea needs to have his head examined because the way they seem to work makes it impossible to make any kind of money on them)
edit: had misunderstood the refining, apparantly you get 10 of the high end and 95 of the second material in a perfect refine and not 1 of the high end as I thought.