Well if we can scheduled a journey into a Dwarven Ruin, getting the metal won't be hard. Can't swing an axe without hitting some random dwemer junk that can be melted down and repurposed. Orichalcum will be a bit harder to get his hands on, but it's pretty much a poor man's ebony. And making money won't be too hard if we use our skills to the fullest. Being a fairly proficient Smith and Enchanter, Malakaus can always make some cheap enchanted necklaces with or weapons if he can get a steady supply of petty soul gems, and pest to kill. Malakaus knows how to apply Fiery Soul Trap, which is a rather expensive enchantment that ought to bring a pretty penny. Even if he can't enchant items, he can still just mass master-work weapons using recycled metal since Malakaus himself is a rather skilled smith. He can create iron katanas and sell them simply because of their exotic quality.

By the way Commander, would we be doing any quest from the Daedric Lords at some point? I may have reason to obtain Azura's Star if Malakaus is going to be using his Enchanting skill with great regularity.