Time wise, i thonk 2hrs sounds about right (I'm about to undertake the same thing in a few weeks as ive got a snapped stud).
But, £300 is way over the top.
if you are at all mechanicaly minded, you could buy a stud extractor kit, and a drill, a drill bit, a replacememt stud and a pair of gaskets for way less than £300 and do it yourself !
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