I'm not sure about the timeline for paying it off, but maybe you can cut your initial costs.
Do you have a part list put together? $1000 seems high for 1.3 Gh/s. Assuming you live in the US.
Really? it seemed kind of reasonable to me.
4 X 5850 $580
cpu $30
ram $16
psu $200
mobo $60
hdd $20
dvd drive $20
tax $25
shipping $15
PCIE extensions X 4 $20
aluminum and screws not sure, probably $20
That calculator doesn't account for a difficulty increase though