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whats the easiest item to get them off?
The key items for me in destroying those has always been 2+ blues and the more blues an item has, the luckier it seems to be in getting stones in general.
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it is profitable?
Yes, but it can also be risky. I've had a period of spending 10-20 mil on destroying stuff and got nothing but cheap stones and elements. When it does work you will usually make much more than your initial investment selling the lucky stone + the elements/cheap stones you get
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is it time consuming?
To find the stones, not really. To stall them, it may take some if you want to sell the less rare elements that you get but lucky stones can sell fast if you price em at normal price.