hmm, i'm used to buying a lot of things lightly used, so i guess i'll go over the 500 mark.

350 for tires, stem, handlebars, chain, bb, and wheelset. figure $20 for a saddle from the stock bin at the shop (pbk has rolls for 45, but out of stock), $40 for pedals, $60 for cranks and chainring. yeah that's 650ish.

but don't forget that 700 in the store needs tax. in CA that's about 10%.

I'd still support getting the kilo wt for a lockup, but i thought he wanted to avoid bikesdirect for whatever reason.

+cog, lockring, front brake, rim tape, bar tape, tubes, seatpost. Not sure which of those you included in the tally. And personally I allocated slightly more for the contact points saddle and pedals but that's me.

hmm, knew i was forgetting some things... reminds me why i troll craigslist/ebay

just from deals i've either bought or know are going on right now:
scrambler (fork, seatpost, frame, seat clamp, and headset but i'll skip that)-$150. miche hubs to open pros $150 (friend is selling superbe pro hubs to tubulars, but i think the rims are wasted. also $150). shimano bb-$20. EAI cobra econo cranks+chainring-$60. tubes $5. tires $20. eai cog, formula lockring, sram pc1 chain- $30. specialized superbe pro copy pedals with mks clips and laminated doubles- $70, syntace bullhorns + stem $25. regal saddle $20.

about $550 total. but that's again buying used and being a little patient with deals.