I work with graphic design projects, for calculate cost I estimate the difficult, number of graphic which I need to create, deadline time and company budget itself. I give my best service when the client is trusted me, honesty and appreciated to works. Use past experience is good idea, but back it to the client itself, we need to know the character.
I see what you wrote as a throughoutly designed estimation method. I think, it could look well even in a documentation. Do you have a formal calculation method for that, a formula for example, or is it still informal?