The costs were pretty close to the mark:
Thule Rack - $100 (although I already had it) - There are adequate, less expensive racks out there. They just need to have about 16" posts for the bike mounts.
Raptor mounts - 2 @ $100
ACME Rod and Tube - $30
Cotter Pins, rubber footings, O-rings - $7
Bungie chords (to keep the bike holders from hitting the car when folded up) - $2
If you have to purchase a hack saw, blades, drill, valium, headphones, back massage, or other items, this will drive the cost up.
As for removable, yes. You remove the cotter pins, and slide the unit off. I'd also suggest taking that vice grip and removing the ACME rods. Put the plugs back on and you are ready to go. As for restoring back to OEM, if you mean restoring the Thule Rack back to the original trunk design, I suppose you could if you kept all the parts and welded it back together.
Thanks for the positive comments.