Refret prices commonly include de-fretting and board preparation, which adds significant labour to the process. Done poorly, this can also incur significant damage.
This particular scenario is somewhat easier (and should be correspondingly cheaper) since the starting point is a previously-defretted neck. The Ripper, IIRC, did not come with bound fingerboard, so unless the filler (epoxy, for an example of a poor choice of filler) wants to send the sawblade skating elsewhere, resawing the slots is pretty straightforward. The board should already be in pretty good shape, in terms of planing.
$250 for a refret is not out of line in the real world of professional guitar repair. Bear in mind that repair guys have costs, families and overhead too, and that that money normally buys you more than just the basic work, but significant consultation and adjustment. . And they do not always have another business covering basic costs.
You work in a factory, and the repair portion of your work is likely at least partially subsidized by the manufacturing side of the business. And you may never actually see the customer - this is definitely not the case for the ordinary repair tech, who can spend hours simply helping choose fretwire. That time isn't always billable, and can't be covered by the what the other guys are doing in the back to ship out new instruments.
Three hours is a rather low time estimate for quality work with attention to detail. I base this on the time it took me to do refrets, and I have done hundreds. , working in an extremely busy shop frequented by everyone from all the local studio guys and visiting artists to high school kids and their parents. .
Here's another link giving a somewhat detailed view of the process, with photos:
http://www.frets.com/FRETSPages/Luthier/Technique/
Guitar/Frets/D35Ref...
Try to pack this into three hours.
Try a web search with 'refret prices ' as the parameters. You won't find a huge variation; much of the variation will probably be related to real-estate overhead (urban rent and taxes are often higher then rural).
HTH