As a weaponsmith you can craft Bladed Staffs, Claws and Martial Swords. You can also craft Shuriken to throw. Both Qalian and Kojani smiths can make these, I believe Axes are Thestran only. Martial Staffs and Handwraps are crafted by Wood Artificers and Leather Outfitters respectively. As far as which style is the best, I suppose it would depend on your preference for the continental effects.

Qalian continental effect:

Tier 2
Chance to heal for 6 to 10 on attack
Adds +8 to spell damage types Spiritual and Arcane

Tier 3
Chance to heal for 6 to 10 on attack
Adds +8 to spell damage types Spiritual and Arcane
Increases Hit point max by 8

Tier 4
Chance to heal for 6 to 10 on attack
Adds +8 to spell damage types Spiritual and Arcane
Increases Hit point max by 8
Increases Spiritual and Arcane resists by 3

Tier 5
Chance to heal for 6 to 10 on attack
Adds +8 to spell damage types Spiritual and Arcane
Increases Hit point max by 8
Increases Spiritual and Arcane resists by 3
Arcane damage shield +5


Kojan continental effect:

Tier 2
All Damage +3
Adds +8 to spell damage types Physical and Mental

Tier 3
All Damage +3
Adds +8 to spell damage types Physical and Mental
Increases Energy max by 8

Tier 4
All Damage +3
Adds +8 to spell damage types Physical and Mental
Increases Energy max by 8
Increases Physical and Mental resists by 3

Tier 5
All Damage +3
Adds +8 to spell damage types Physical and Mental
Increases Energy max by 8
Increases Physical and Mental resists by 3
Physical damage shield +5

I hope this helps you out

Compared to the BEST from loots? In my experience I would have to say no. Top end loot beats out crafted weapons from what I have seen. But a good crafted weapon is plenty good to use until you get to those heroic/legendary goodies.