Snowmaster 9000

Considering the cooldown on the snow machine is 1 day, that's 365 snowballs a year, assuming you use it religiously. Also, take into account the fact that you can buy snowballs for half a month out of the year. At 350 snowballs, that's 18 stacks of bag-space. At 2 copper per snowball, that's 7 silver for 350 snowballs. If you can afford to level engineering to 190, I'm fairly certain you're easily capable of creating an alt with a 28-slot bank and spending a measely 12 silver to fill it with snowballs, rather than spending every day spamming your snowmaster cooldown.

Since wotlk it's more worth it to do the daily quests for Hyldnir Spoils since it often gives you 4 snowballs.

You can create snowballs later, after new year And may be sell them @ AH