Not for me, but you may value them differently than I do. If you value Emeralds at 35(which is probably a bit high), then you would be valuing the Book at 840r.
But emeralds go from 25r up to like 60r.. even at 60r you'll still.be making an average profit of 448r per loot III i believe?
I'd go with 25-35r for Emeralds and 1-3k for Looting III. Based on that trading Looting III for a stack of Emeralds would be a good deal. But that's me. If you want to value Emeralds at 60r go ahead.
If other people on smp1/9 want to value emeralds at 60 they can go ahead* I nearly cried when i saw the price