Thanks for all the input!
I stumbled across a website that is hosted up here in fairbanks, which gives the rundown on the gear Simon @ allweathersports suggests for winter riding.
http://www.allweathersports.com/winter/winter.html
I found this to be very useful, and hope it will help others in extreme arctic climates.
Yes, $1500 does seem like alot.... maybe I should shoot for $1000. I was hoping to include EVERYTHING from winter gear (big gloves mounted on the bike, heat packs, front and rear flashers, trailer capable of winter riding, double wide rims, studded tires, one or two super thin clothing layers, winter riding boots, riding hat, emergency tool kit, rear wheel mounted backpack). When all is said and done I hope to put together a gear guide for year-round extreme climate riding, as well as what any fairbanksian would need to live in a dry cabin year round without a car (its really hard to live here without a car when it gets to the dead of winter).