Ben,
I didn't keep an accurate tally on my Sprite (after running up a tab of over $2,700 on my TR4 a couple of years earlier!), but I'd guess I put around $1,200-1,300 into my 1275 when I rebuilt it. I did all the disassembly and reassembly. My crank was in good shape - just new bearings. I did have to have the cylinders bored (new pistons and rings). I replaced all the normal stuff... oil pump, lifters, timing chain, etc.
Oh, and and I got the head rebuilt and everything balanced for free. Actually, it cost me a set of main bearings. The shop that did the balancing and head work couldn't find one of my bearing pairs when I went to pick everything up. I tried to pay him, but he said to just wait until he found the bearings (a guy who was out that day supposedly knew where they were). I came back the next day, and still no bearings (he forgot to ask the guy, and he had already left). He told me he would call me when he found them. He never called, so I bought another set and figured we were even. /ubbthreads/images/graemlins/grin.gif