When I fix equipment for other people on my own time, I take into account how long it will take to get the job done when quoting prices. I mean, I own a house, am married, and work two jobs, so its hard to find any extra time to fix machines after hours. I dont charge people that much when I wrench on their ATV's since they bring them to me knowing it may be 2 months before they get the machine back. If you can do the Raptor in a weekend (very possible if you can keep on top of it), $ 500.00 labor is very fair for the amount of work involved. However, if its gonna be a month's project for you, you might want to knock $ 100.00 or so off the price. My. 02.
Just FYI, Im a professional small engine mechanic and the shop for which I work charges $ 50.00 an hour for labor. And that's on the cheap side. You're gonna have at least 10 hours in the Raptor job IF AND ONLY IF all goes smoothly. In my experience, that seldom happens. Broken/stuck bolts, a brake system that's hard to bleed, or any number of other unanticipated headaches can make the job last longer than expected.