Is Hosting a Garrys Mod Server Even Worth It?

At this point in time, don't run a hosting service for an RP server. Leave that to when you've got the money to own a decent dedi (preferably, with Linux). If you're just looking to host a random arcade server like Deathrun, TTT, Murder, Prop hunt and other stuff like that - Go for the 10 bucks a month. If you've got friends to mess about with, it can be a load of fun.