Alchemy is ... different ... than prior games. If you are going to use it at all, I'd say start right away. I waited and I'm regretting it now. First potion I finally tried making wound up being a combo worth 242 gold!
You will want to eat one of every single ingredient you grab because this tells you the first effect (of four). It's far better than wasting ingredients on failed attempts at making potions, and it will allow you to create needed potions like Restore Health and Restore Magicka right away.
And you WILL fail plenty of times, as with Morrowind, so don't get too annoyed.
You'll have to decide if you are going to use a lot of poisons (i.e., you're using weapons for combat) or you're using spells and buffs (i.e., you're pure or nearly pure mage). Of course, poisons may go with stealth if you are the assassin type.