Despite how Sea Shepherd and most of the world seems to feel, whalers are not just a pure evil force that destroys animals. Whalers are real people, deserving of empathy and consideration. Whaling provides jobs for over 1,000 people worldwide, and while you may think that "that's not very many, so screw them.", those people have lives to live and they need an income. And the west doesn't have the right to take away those people's income just so some city-dwelling rich people can feel good about defeating someone.
I don't believe that whaling would be profitable. There are too many people around the world who are against whaling. Hunting whales is seen as inhumane and puts a strain on the wild whale population. There are also groups such as the Sea Shepard's that are active to stop whalers in the Antarctic.
Whales only give birth to one calf every two years. Biologically, whales aren't rabbits, squirrels or deer that are widely available for hunting in America. The problem whales face now has nothing do with those wanting to eat them--the difficultly lies with the whales' food supply. As the oceans warm up, the food chain is affected and whales may die off due to lack of food, not because humans hunt them. If we hunt them again, populations will suffer the same lack they did before. Whale populations were huge before overhunting. Only then should humans consider using them for meat. There are plenty of cows, chickens and pigs on farms for protein sources at this point.