Actually, I dont think their bid was too far off. That was for them to do all the prep work as well. The current shop rates around here are about $125 an hour.
So there is:
Wax/grease removal wipedown (before sanding)
Wet sand all parts except side cover with 400 then 800
Sand side cover with 220 to get through the clear to remove the decal
Removing that Speedmaster decal on the side cover
Wax/grease removal wipedown on the side cover
prime the side cover,
Wet sand the side cover with 400 then 800
Wax/grease removal wipedown of all parts (just cant use enough Prepsol)
Shoot two coats of base
Mask flames
Shoot flames
shoot clear
All in all if done right, looking at about 8 hours of labor.

If I still had my guns and a place to work on it, I would do it myself (I spent almost 20 years painting). I figure in material alone it might be a couple hundered bucks (two colors of basecoat, clear, catalyst, reducer, making tape, paper, sand paper, etc.).

But, I am talking about a complete color change, not just doing flames.

Soren