Well wouldn't you still need to farm the mats?
Yes.
And secondly, why not just use console commands to give yourself the gear or just toggle god mode?
Shrug. Everybody's "line" is different. Some people wouldn't see any problem with something like this. If Bethesda left it in the game, it must be "okay". Personally, I'm with Kevrock - I probably wouldn't do this until I've done several "legit" playthroughs or maybe just to screw around and try it, but reload after I did it. But that's what makes TES great - it's a sandbox, and you can play however you see fit. I found an alteration spell called "transmute" that lets me turn iron ore into silver, and silver into gold. Depending on how you look at it, this completely breaks the game's economy as I now essentially have my own money printer. But it's part of the game.
