Yes, its a really good way to make money.
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Power-fishing at Shilo Village is great for fishing experience.
defenantly i have 99 but pray helps in pvp and fighting black drags
Fly fishing is more worth your time than both, if you are member - go to shilo village to do this, it's a popular power-fishing spot.
To get a skill cape you must get 99 in the one of the following skills Attack:99 Strength:99 Defence:99 Magic:99 Range:99 Prayer:99 Constitution:99 Mining:99 Smithing:99 Herblore:99 Agility:99 Slayer:99 Farming:99 Hunter:99 Construction:99 Summoning:99 Crafting:99 Thieving:99 Firemaking:99 Fishing:99 Cooking:99 Runecrafting:99 Dungeonearing:99 or true skill mastery:120. Hope this helped :)
There is one outside the Fishing Guild.