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On top of the recommendations to get to know these guys really well and observing their shop for a good deal of time, here's my two cents. Since they're the ones that want to do it, you pay no labor. Especially since they've never done one and they will be taking a long time to do just about anything and will be redoing many things. As for parts, you should be paying no more than 50% of the parts that are IN THE CAR when you drive it home. Since they're testing things out on your car, there will be some things that they try that just won't work out and parts will end up scrapped.
One major thing I would also put in place is a contract in case of a big mistake. There's the general "well the shop screwed up" sort of stuff that they'll cover. I'm just concerned that they might put all this together for you then something goes drastically wrong and they no longer want to put the time or effort into it. I understand being excited about the offer, just make sure you're watching out for yourself and your car.
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