Sounds great! I may be able to do it for less than that also, I already have alot of extra media (bio balls, Matala Mats, Buffer Pads, etc...) and a few pumps laying around, and I am not new to making filters either, I have made a few for quarentine tanks/pools/ponds and I have altered some large skimmers/filters for our pond, so this should be cake! LOL
I'm hoping to keep my biowheel when I sell my 75, and depending on who buys it and if they would rather start out with their own filtration, I'll have the HOT Maginum too, although I won't feel bad letting that one go with the tank LOL, I'm not loving it. So there's the backup. I am also probably keeping my powerhead, so that'll probably go in there and I'll get another one if I can afford to after I sell all the odd aquarium stuff I have that I can't use.