Good for you for messaging him and letting him know!
What helps me when I price things out is to not only think about the actual customization of the video, learning the outline/script if they have one, setting the scene etc., but I calculate my time and then I figure out based off what I'm going to be making hourly from the custom once all is said and done. Regardless of what equipment or how new you may be,
never forget that your time is your most valuable product.
If I sell a 10 minute custom at $10/min off MFC then I'm bringing in $50 Net Profit for a 10 minute video.
Assuming a video takes around 2-4 hours to finish everything from filming, to editing, to uploading
Also factor in whether the video has name moaning (I charge a $35 additional flat fee) or exclusivity (I charge a $250 flat fee) because that will determine how re-sellable it is going to be.
So if I am bringing in $50 for a 10 minute video that takes me 4 hours to make start to finish, I am making $12.50 an hour for the video.
If I'm not happy with the amount that my time is making then I adjust my pricing and figure out what DOES make my time worthwhile and brings in a big enough profit margin to make it monetarily worth it.