You can use the Low Level Alchemy at magic level 21 using 1 nature rune and 3 fire runes.
Then after you get to magic level 55 you can High Level Alchemy using 1 nature rune and 5 fire runes. Both are for F2P and P2P.
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High Alch Yew Long Bows.
If I were you just alch feathers until you get high alch, then you can start alching to make profit. -------------------------------------------------------------------------------------------------- Or you can alch steel platebodies.
Level 56 would be good and you can alch adamant platebodies for a profit.
Yes you can make a profit but the better thing would be to high alch magic short bows.
Alching profits change frequently. Visit the related link below to view a more detailed "profit per alch" chart.