Just did the sums, and it is as follows:
56L pot: $45
38L pot: $35
Fittings: $50ish (some lying around, most from ebay)
Bolts: $12
Element: $11 (Camco via Amazon US)
Element housing: $15
Pump: $60
Controller: $35 (spare housing, and HS lying around. PID & SSRs from eBay and a RCD from a mate)
So about $265 so far, with it just about complete.
As for the sealant, it has all been apart about twenty times today chasing a sodding leak in the bottom whirlpool fitting. Bloody silicone seals bulge out and dont seal up properly. NFI why it is just that fitting too, the ball valve is fitted in the same way and seals up fine :S Time to either get funky with a lathe and machine up some recessed washers (have recessed nuts, but not enough thread to fit), or find larger ID washers to limit the outward expansion of the seal.