In my opinion, you must factor in your skill level and the risk in time and dollars of screwing it up. This could turn into a big can of worms if you are doing it for the first time.

At that price, I would let the indy do it. Actually, at a higher price I would let him do it. This is particularly true since it's not your car. How is pop going to feel if it is done wrong? The sealing of the front timing cover is tricky. How many special tools will you have to buy for this one time event? There is a pin you have to pull in the front of the engine. Shade tree mechanics, fabricate a tool. Amateurs, like me, would probably have to buy the puller.

You also need to be prepared to replace the belt tensioner and the shock, as the tensioner often will fail as you attempt to tighten it up on re-assembly. Happened twice on my 300E's. Then you have to ask yourself whether it makes sense to go ahead and replace the water pump since you are already in there.

Good luck,

Steve