Singlespeed & Fixed Gear - Deal or No Deal?

Let me first thank everyone for the encyclopedia of knowledge they have donated to these pages. I have been lurking here for months and have used everyone's insight to help define my current build. To keep it relatively short, I wanted to ask for a small piece of advice. How much would you be willing to pay for the following items?:

Wheelset: Phil Wood HF Track Hubs (28 hole front and 32 hole rear w/ Fixed/SS) laced to Mavic OP with DT Swiss Double Butted spokes and average tubes and tires (3X lacing).

Bottom Bracket: Phil Wood Stainless Steel

Phil Wood 17t Rear Track Cog

Note: I already have Campy Record Pista Cranks (new) and you don't want to know what POS frame these components are going on (sentimental in nature)

My LBS says they will order and install the aforementioned items for $699 + tax. I feel this is probably a fair price, but obviously I am looking for some validation otherwsie I wouldn't be asking. I really feel that this is the *bling* setup I want, not to mention bombproof and virtually non-upgradeable (someone will prove me wrong). I intend to be one of those Jackass BFSSFG poseur tarck bicyclists everyone here loathes and I won't pretend not to be. I appreciate everyone's feedback in advance (including the negative posts that I am sure will surface).

when upgradeitis sets in, nothing is safe from upgrading. that said, that stuff is nicer than anything i've ridden, and i'm not sure how much it should retail for.

sell the cranks and build your wheels with formulas packed with phil bearings, and buy a new frame with the money you just saved

700 seems really high for a BB, wheelset/tires and a cog. you can buy a full bike for that price

i think it's a fair price. i don't know where you can pick up a wheelset like that one (top notch) for less than $550, and you're also including tubes, tires, phil cog and phil BB.

http://kara.allthingsd.com/files/2008/01/deal-or-no-deal.jpg

In light of thereedreeders response, I am willing to divulge that these items would be built on a late 60's/early 70's vintage Viner frame. It is my understanding these were hand built in Italy, despite the fact that they never were considered to be any better than a mid-range bicycle. I won't disagree that there are much better frames out there, but as I mentioned before its sentimental. If nothing else, I can strip the Viner and put the parts on anything else.

In light of thereedreeders response, I am willing to divulge that these items would be built on a late 60's/early 70's vintage Viner frame. It is my understanding these were hand built in Italy, despite the fact that they never were considered to be any better than a mid-range bicycle. I won't disagree that there are much better frames out there, but as I mentioned before its sentimental. If nothing else, I can strip the Viner and put the parts on anything else.

At least tell me that it's a track frame, and not that you are dropping $700 on a conversion. Please...

Really, I don't care. If you have the money and you will enjoy it, then enjoy.

Oh but it is.

Price the items you mentioned, factor in labour, and then if the total you come up with is larger than the price you were quoted, buy it; if it's lower, ask yourself if you're willing to pay the difference for the frame in question.

Oh but it is.

oh well do it then. the prices seem relatively reasonable, especially taking installation into consideration. i definitely have no problem with people dropping a lot of money on components, as long as theyre not putting them on some gaspipe conversion.

Thanks everyone...I am off to the LBS...I suppose all I needed was a push in the right direction.