I think your estimate of the cost to remove and glass over the deck is very much on the low side. Some teak decks can be very hard to remove due to strong adhesive, broken screws and so on. And the level of detail required to re surface the decks can surprise you. I recently fixed teak cap and rub rails on Island Packet 35 and it gave me a sobering view of teak decks in general. Not a deal breaker IMO but a serious cost factor. I would tentatively double your estimate.
Thanks for the replies so far. So I have a friend with a Baba 40 and he had his teak taken off and decks fiberglassed for $7k. That was in Rio Dulce, Guatemala. He was very happy with the work. That's what I'm basing my estimate on. You could very well be right though.
Of course the common saying for any boat project is double the budget and triple the time.