The calculated boil-off is assuming its a rolling boil and for a period of one hour, from memory. Bit uneccessary on this level - wait until you go allgrain for that kinda stuff.
My recipe is based on my standard formula for kit/extract ales; I use a standard kit as nothing more than a pre-bittered malt extract base, and build on it with specialty grains and hopping to make a style of beer. Stock 'Lager' or 'Draught' kits are good because they are very light malt with around 25 IBU's so leave room for specialty grains and hopping without going overboard or making it unpalatable. Stock additions are 500g LDME and 300g white sugar/dextrose for a 'standard' ale. Add up to 400g specialty grains for style in a mini-mash, but consider removing 100~150g of the LDME if using over 200g of specialty grains and aiming for a lighter style of beer.
I have used the 150g/1L method in the past with reasonable results, the theory being you are able to get better hop utilisation with the higher concentrate of malt, and seeing as you're not doing a full regime of hopping (starting at 60 minutes and finishing at flameout) it makes sense to condense the whole thing. Essentially I use it for one or two small additions of hopping... usually 30g total maximum. Mostly I'll just boil for 15min to get a flavour addition and to up the IBU's by a point or two, then do the rest of the additions as dryhopping for more flavour and aroma.
Pellets are fine for dryhopping, but if they're in any kind of mesh retainer bag then cut that open and add them neat to the brew. This helps circulation and will give better utilisation of the hops.
Hope that helps!
Cheers - boingk
EDIT: On price, I hear you! Putting myself through pilot training and save every cent I can for flying time. My aboce 'standard' brew looks something like this:
1.7kg kit: $8~15 ($8 Homebrand Lager / $15 Coopers Pale)
500g LDME: $5.25
300g sugar: $0.30
200g grain: $1.50 (assuming $7.50/kg posted)
20g hops: $2~$5 (depending on hop and quantity bought)
That totals around $17 going budget or $24 going the high road. Very cheap, decent results, and if you want to keep yeast stocks then they're essentially free.