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IMO, that is a high. A valve adjustment is all labor (only part cost is the gaskets) and I'd think a pro could do the job in a couple hours (I'm a schmo and it took me 4-5 hours), so depending on what they charge for labor, and assuming they call it a 3-hour job to give them some wiggle room, I'd say something in the $3-400 range is closer to right for a valve adjustment.

Changing the plugs while they're at it is trivial; it's easier to do with the valve covers off and, if they're doing the valve adjustment by the book, they're taking the plugs out anyway (at least, that was the case in the recommended procedures I found), so when it comes to the plugs, you should only be paying the cost for the new ones, not the labor involved since that should be factored into the valve adjustment already. So I'd say about half that quote for both would be more reasonable.
 
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