Spot on Alun :thumbsup: the majority of the cost is in the dismantling, rubbing down etc and yes easily a week before it sees paint.
However Mike, don't be too disheartened with the amount you have to spend you could pick up a decent model, try and get as young as you can although getting a good rev 3 will also benefit you with insurance compared to a rev 5.
I'd also suggest that you use some of the forums where both the cars and owners are known members of the community as there is often a documented history of the car on build threads and the like. Maybe also try recommended places such as Pistonheads etc.
I think you're likely to find a good one as you have a realistic cash value at your disposal but be as savvy as you can and remember 'all that gilsters is not gold' so thouroughly check what you're buying before you part with your cash. There's more than enough advice on TwoBrutal alone to help you so feel free to ask any questions.