I ran a low input grazing herd for a bit. We weren't making tons of money but there were some tweaks I could have done had I kept at it.
Talking to other guys, once you start running an organic dairy like a regular one the profit drops.
Knew a couple of guys that grazed their herd during the day but fed tmr evenings and they weren't making big money.
This was several years ago and I have not kept up with current prices.
I think the key is to run low input, and be happy with the milk you get. Concentrate on your pastures and they will pay off.
I knew a guy back in 96 that ran his non organic herd totally on grass and hay in the winter. Had a few feed guys come out and try to work up a ration...none could give him the same profitability as what he was doing.