It's certainly not bad to skill off of, although I'd have concerns about the rate it sells on Fairy. At the same level though, you have Insect Balls which are dirt cheap and have been running around 500-700 gil/stack in the Windurst AH, since it's good Moat Carp bait.
As food though, this debatably gives better results than a Meat Mithakabob up to 200 base attack, and lasts longer.
