I would say that, if you could assemble the compete bike as you described it for $500 or less, you'd sell more of those than you do regular Kilo TTs. I know that here, we would probably recommend would-be buyers to "spend a little more for better tubing, components, etc," and I think that we've directed quite a bit of Kilo TT sales already. If you have a frame for less than $300, I'd almost certainly buy one.

People seem to regard the wheels as the weakest part of the current Kilo TT, so I think a full upgrade to a Formula/Alex or Formula/Mavic combination would be golden.

If you can do metallic paint, then you should.