You can create at least two characters on the server you choose (if you play for free). More if you spend some money to become Premium or if you subscribe and become VIP.
I would suggest that you each create one character to use on weekends when you play together, such as a Man Warden and Elf Hunter. One of these should be an Explorer and the other a Weaponsmith. As Hiritier said, these two profession will be able to make armor and weapons for both of you.
Then each of you make a second character to play when you are not playing together. That will let you play solo without getting out of synchronization with each other by levelling too much when the other can't play. One of the second characters should be a Historian, and the other a Tinker.
The Historian can use the Scholar materials (writings, runes, etc.) that you both find as loot and make useful scrolls, potions, dyes, and more with them. The Historian can also grow crops as a Farmer. (Can also make metal weapons as a Weaponsmith, but that's not important.) The Tinker can make jewelry from gems and precious metals and can also cook helpful food from the farmer's crops.
This would cover all the crafting you might want to do except for making heavy armor. Hunter and Warden both use medium armor. (Warden does need shields, which would be heavy armor, but you can find a lot of good Warden Shields as quest loot and random loot.)
Hope that helps. Have fun!
Cener, Ingo, Rilibald, Hesred, Halras, Loringo
Arkenstone (ex-Elendilmir) - The Osgiliath Guard