Ecks:
In regards to your remark about your sorceror having a high level of alchemy, and that you think you have not been to an alchemist lab:
I am very sure there are some labs in the Underdark level where you have to combine stuff like "spores" and other neccesary items to brew stuff. Another point where you use the ability is where Tar said, Oswalds Ship. You have obviously passed those points, but shortly to come is another lab where you brew important potions.
As far as alchemizing (word?) gems and such into useful items, i am pretty sure you can't. Just sell them.
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Zakharak
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