Decision made.....
After receiving everyone's extremely valuable input, I have decided not to bid on this project right now based upon the following facts:
1.Owner expectations of time, cost and resulting finish can not realistically be met.
2."Cowboy Contractor" is willing to do it for an insanely low price and most likely an insanely low quality end result...time will tell.
3. I do not want my name on something that looks like crap or starts falling apart simply because I rushed it and cut corners. I frequent this place on occasion and would be forced to see my mistake over and over again, not to mention comments from others like "hey ken, why is the bar peeling like that?"
4. Final and most importantly. I learned long ago that I should always trust my gut, my gut says "NO GO". Way too much risk for the possible reward. Thank you Dan for reminding me of that.
I will speak to the owner today and inform him that this project can not be completed by me at this time, due to prior commitments. I will let cowboy do it and in 6 months from now if the bar needs refinishing I will be able to give a much better informed estimate on the time and cost (and have more leverage). I have a feeling that after 6 months pass, the owner will have a different viewpoint and expectations.
In the meantime I will continue to practice my woodworking skills on completing a built-in desk using my growing Festool arsenal. As I've said before, this is more of a hobby for me and is suppose to be enjoyable even if there are times when it's challenging.
Thank you all so much for the input...
Ken