A flat-rate estimate is a good start, it will provide you with a minimum. If you are considering to get your dollars worth, you should also know that the camshaft should always be degreed to verify timing, and you'll want to do this with the right head ( #1 cylinder exposed) off, to dial indicate #1 piston TDC. Flat rate won't include degreeing the cam. Installing the timing set "dot-to-dot" is throwing power away 75% of the time. I've found, that occasionally all of the variables ( cam gear dowel hole, crank gear keyway, accuracy of cam grinder's indexing, etc.) , can stack up against each other to locate cam timing in a less than correct location. The worst I've experienced had me setting the crank gear in the 8 degree retarded slot, to actually get 4 degrees advanced to the intake lobe centerline. I'm not saying this WILL happen with your installation, but it's worth checking. This takes additional time. I do engines, so I'm used to this. You will take much longer than I would to do this same process, as I use a computerized camshaft degreeing devise called CamLogic.
Also, while the heads are off, you, ( or whomever ), should clean all of the carbon from the piston tops , to do a professional job. Cylinder by cylinder, this takes time also, so add that to the labor bill. By all means, do change the water pump now. You may inadvertantly get some coolant seep into the oil pan when removing the timing cover, so expect to change the oil and filter now as well. Think generously when figuring time, things generally take longer than you'd like them to.
Just to show the CamLogic system, here are two photos of an FE being built for a boat, being degreed, note photo #2, the lower display reads 109.8.....within two tenths of ONE degree perfect ( 110 ) for that cam. You just can't get that acuracy with a degree wheel and coathanger pointer.....