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@pajamas
based on 36h and with a bit of digging:
open pro - £25 per rim? = £50
"formula" etc. hubs - pair = let's say £40?
DT champ spokes & nipples = £24?
wheelbuild at Sunday workshop or at a class - £10 in beers?
I'm reckon for £125 you get a very very decent wheelset and have enjoyed yourself too, no monkeying about.
I've just got to tick off the last stage, comin up next week....!:)