If we assume the shop has a $100/hr shop rate that's 370 hours of labor, but labor rates are probably higher than that in your area. Whether that's too much or not enough will depend on how much work is needed, and if they do the final finish to just an OK level, or to a concours level.
As far as that goes, their quote should really only be an order of magnitude estimate - there's no way for them to know exactly how much work will be required until they strip the car down to bare metal.
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