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Marketed correctly, I think it would be a valuable asset to the community. As far as I know, there's only one other company actually doing this stuff at the indie price point.
I don't think you can really do a general hourly fee, as all jobs will be different. So pricing should be based more on the work involved than the time involved. Another problem with hourly rates is that there is generally no way for the client to know whether or not they're getting screwed on the number of hours they're being charged for.
I didn't mean imply that your effects weren't good.. But, if given the choice between a company charging $10/hour or one charging 5-10 times that, the more expensive one "feels" like it is worthwhile. It's difficult to explain if you don't understand what I mean already..
I'll politely decline the remainder of the questions, as technically we're competition.
The $10/hr or some flat rate equivalent on a per project basis though sould let you market to lower budget indies who wouldn't normally be able to hire someone to do effects...so it would pretty much be an untapped market. Most of the folks who will be doing this (including Will I'm assuming as I've seen his work and like it-and it's worked well for us) would be targeting larger budgeted indie films that can afford that level of work...experience will also let you ramp up your fees as you gain it.