I think this is a good time to mention that aside from the few times when I first traded away that Salvaged Crate and got a stuffload of ref, I don't craft hats. Ever.
I really don't see the purpose in it, what you craft usually isn't gonna be worth more than what you crafted it with.
This isn't even about making a profit, if you've got two hats, it'd just be easier to trade for the hat you want, wouldn't it?
I mean like, there's 10 hats worth more than 2.66 ref out of roughly 195 craftable hats.
Anger, Brock's Locks, Charmer's Chapeau, Cross-Comm Express, Dashin Hashashin, DethKapp, El Jefe, Familiar Fez, Hanger-On Hood, Team Captain, if you're curious.
I'm not even going into miscs since I've looked way too much into this, I just could've said there's too little hats that are worth crafting over trading.