We would need to know more about what they actually did for the charges?
Was this a "press out" job (hydraulic or Strut-Pro) or a shaft removal job? If it was a "press out" the price is a little high and 5.5 hours of labor is a bit much. If everything goes smoothly on a press out, prop removal, set screw removal etc. then I plan on about 1 - 1.5 hours for a press out.
The last job I did required drilling out the set screws VERY carefully. They had been barrier coated & faired over so that had to be cleaned out first and finding them was no easy task requiring removal of quite a bit of barrier from the strut.. Once drilled out they then needed to be chased and the threads cleaned with the proper tap bottoming tap. I then needed to make sure there were no metal shavings or burrs left in there with dental picks as these can affect the press out procedure. The drilling out of two set screws took about two hours, so as not to need to "over drill" and re-tap with the next size up. This required multiple drillings with the bits getting larger and larger until I was at the peaks of the bronze threads. I then had to pick the SS thread peaks out of the bronze with dental picks.
Also props are sometimes very stubborn and even with a massive prop puller they sometimes don't want to pop without getting to the point of damaging the shaft. This can require a gentle heating until it "pops". Simply using a "blow torch" is faster but can damage the prop so a heat gun is used instead. Prop nuts can also be seized or stripped from a previous installation. I have had a few times where the prop nut removal badly damaged the shaft threads which then needed to be re-thread with a special die that is costly and not easily available for "field use".
These are but some of the issues one can run into changing a cutlass bearing. Some go quite smoothly and others just don't...
If this was a "shaft removal" job I would argue that some some corners may have been cut if the price is that low. Their labor rate seems in-line especially if that price included the cutlass. Many yards in this country are now getting $90.00+ per hour...
For a shaft removal job I can't see how it can be done for much under $500.00, if done correctly. At 5.5 hours/$470.00 it suggests to me that this may not have been done "correctly". Many yards don't do this job correctly which in almost all cases requires a new coupling and sending the shaft to a shop for a "fit and face" of the new coupling to the shaft. This is because the "light press fit" of the shaft to the coupling is lost in the rust layer broken free. Re-installing a used coupling can be flat out dangerous if it does not fit correctly.. A new coupling and fit/facing will run $150.00+/-.. This job should also included proper removal of the flange from the shaft, NOT A SLIDE HAMMER. This part of the job can run more than your entire labor allowance of 5.5 hours, especially with poor access.
It is always possible that this was the "perfect" job and everything went as smooth as silk. Having done many, many, many shaft R&R's, the right way, the ones that come out of the coupling "easily" can be counted on about one finger...
Again we'd need to know more than just the hours/price to determine if you got a raw deal or a good deal..