that looks about right to me. a symmons shower valve comes with a shower head and tub spout and runs about $200 ( maybe a few dollars cheaper if tub only). im not sure what the code is there but in RI 2 handle valves are illegal unless there just feeding a tub without a shower head. also you gotta figure $100 in pipe material and fittings. as far as labor your looking at the better part of a day depending on the wall access situation plus the cost of repairing the wall.
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