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I'm thinking you might be a bit lite on the estimate. I've built several racks and am working on one for my new truck. The basic racks that you can buy run between $800-$1300 depending on material and style. These are the continuous bar racks that go over the cab, not the goal post in front and rear. Your rack will have more material most likely and require more fitting.
Here's a couple I've made or modified.
Are you planning something like these?
My new rack will be out of alum channel. I've got about $280 in the channel right now. Using your formula I come out at about $1008 for the rack. This is well under the $1300 that the closest ready made rack would be and that doesn't take into account the custom factor. My guess would be a min of $1500 for the rack I am working on, possibly pushing 2K no problem. If I were to take it all the way to the bumper up front, $2500 min (I would need to add about $200 more in materials to do a rack to the front similar to the grey CC). I know the grey crew cab above had at least that much in materials and labor. When you figure in the planning time I could see it even higher.