That seems pretty fair to me, I had mine built and bought the parts (not a 
1275 but the costs probably are similar) and I was 4k into it by the time it 
had a downdraft weber on it, and I don't have an aluminum head or 120 hp 
either, so it may just be that you're seeing all the cost in one big chunk 
but it seems okay to me.
Mark M
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