...is what my excellent watchmaker charged me for an overhaul of my Speedmaster Mark II: new crystal (pulsometre brought in by me), new pushers & gaskets, complete clean-up, lube, adjustments... guaranteed for one year.
When the mainspring broke a few weeks later, he wanted to replace it for free, but I gave him $15 for the part.
What they're asking you seems over the top! Can you shop?
There's a guy offering chronograph overhauls for $279 on the Bay, with a one-year guarantee. Search "Chronograph Watch Repair Service" & check his feedback.
Good luck!