Product shots

A friend of mine has asked to do some product shots for her, she sells mounted art (typically on mdf blocks) as part of her business. She is looking for shots of approximately 50 products with approximately 2-3 shots each.

I figure the best way about it is to use a soft box with two external light sources (either side) to minimise shadowing. I have a 30d with a Sigma 24-70 f2.8 and Sigma 500 super.

Firstly is this the right way to go about it?

Secondly she wants a quote for the work. What would be a good rate to charge for this?

Any advice would be greatly appreciated.

I would (and have for a long time) quote her for the shoot time. Give her a day rate which should include 8 hours of time, this will take care of setups and image gathering. Provide her with nice size/quality proofs as part of the process.
Price final purchased images (either digital or prints) as a separate cost. This way she only pays for what she uses, it sounds like and is a win-win situation for both.
Don't forget to fill out and sign a copyright release to her, based on a one time use.

As opposed to hourly. The more efficient you are & the faster you work, the less you will be paid? Lose/Win?
20 years ago I charged $650/day, 10 hours my door-to-my door, & included 50 miles of travel in the quote. As Jon said, "free" proofs, reproduction quality pictures are extra.