Thanks for the compliments everyone!
I just got back from a trip to OR so I've been unable to get to answer those two questions...........
1st, on the painting question, I apply one primer coat and two top coats (all acrylic laytex).  I only sand after the primer coat (220 grit).  That's the steps on the background.
On the carvings, it's bascially the same except I usually apply two primer coats and sand with 220 after the second coat.  The carved letters get 2 primer coats as well, sand, then 2 coats of 1Shot Speed Dry Acrylic Clear, then size and gild or paint with 1Shot enamel (2 coats).
Pricing?  $20 per sq ft for materials (thats about $500 profit on a 4x8 sheet).  Then I charge per letter.  A basic 3" letter carves in less than 7 minutes.....8 per hour = my shop rate.  I figure the same for the priming and finishing for each letter.....about $20 per gilded letter.  I made a little chart so i can give a complete quote in under 1 minute.
The carved images are hours x my shop rate.  I pretty much can nail down the time for the carving (hour wise) based on over 32 years of experience in this biz.  On new carvings, I'll usually add a fudge factor of 10% overall.
My prices are generally a little lower than the big shops charge but I'm totally geared to small 
signs now, where for the big shops, they are a PITA.
I have always been quite anal about keeping time records so I don't cheat myself or get too lazy.  I still actually run a stop watch on the majority of the 
signs.
Hope that helps.
Thanks again for the kind words.
Joe,
Makin Chip$ and Havin Fun!