Here is the alchemy guide I wrote for the netmarble ogp forums. Unfortunately I backed up only the text and not the images. It is probably outdated. It does not have any information about transmutation alchemy.
There were other leveling guides by nivlac, Montador, and Yeltdel. If I can find links to existing versions I will add them. To briefly summarize, the guide by nivlac emphasized converting ointment colors and making gold. Montador's guide was all alchemy pots and furniture. I recommend preparing for and doing alchemy experiments, mostly because I found those to be much more enjoyable.