I just got my red 87 325i convertible completely repainted by a shop in North San Diego county. $3,000-$7,000 is a good planning range.
I did all the removals (grill, bumpers, mirrors, trim, lights, spoiler, etc) and some minor masking and stuff.
After the paint I put on all new lights, grill pieces and other stuff. My wallet hurts but the car looks great. Really like new.
Then to finish it off I got that 3m clear film put on the front to protect from rock chips.
Good luck on your project!