1. Blizzard worked out a really neat trick in the retail game: your professions, pretty much, unless you're lazy, will level with your character level, so you have a reason to craft, because you can actually use the **** you craft as you level.
When you increase character levelling rates, profession levelling rates need to be commensurate. It's really not that hard to comprehend.
2. Taking away people's gold is an outrageous act of bigbrotherism. At least to western sensibilities. Maybe in some socialistic mindframe, it's okay. But for most of us, it's Draconian and very offputting, and frankly, makes me wanna just go play something else, on principle.
3. Perhaps the worst decision of this mess is with reputation. Private servers are a way for us to still enjoy the aspects of WoW that are fun without the repetitive nature of things Blizzard has completely no sense about, like reputation levelling.
If this is really only about the economy, yes—create money sinks.
Dramatically increase the price to repair gear, mats, etc. Or heck, customise something fun and unique to Warmane, like selling expensive tickets to play in a special tournament, or inworld game of chance or trivia, or even just a lottery, with exceptional prizes. You could sell temporary mounts to lowbies. You could sell special character customisations. Money sinks can actually be fun, if creative.
But these changes you want to instigate, not fun. And, you know, that's what games are supposed to be.