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I don't think it makes much difference. For mining you have to smelt so that other professions can use the ore - all recipes and quests use bars not just raw ore. This is not really an upgrade, just a refinement and allows you to stack twice as many as well. Stacking is the real benefit as you can carry/store more bars than you can leather.
For leather, the conversions you refer to are upgrades from one material to another. Very different from refinement. And that's appropriate for a different profession to do. Similar to achemists transmuting metals from mithril to gold for example.
Otherwise, it's more difficult to find ore than it is to find animals to skin. Especially when you can skin animals killed by non skinners.
For me, a choice between the two would be based on how much you can make at the AH by comparing light leather to copper, bronze to medium leather, and so forth.
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