In 2005, I had an interesting conversation with the signaller at Eccles Road, on the Ely to Norwich line. He said that signallers' salaries were by far the biggest cost - equipment maintenance was largely 'patch and mend' where necessary. On that line, 40 signallers were required to cover the 9 boxes. At an average of £25K each, annual salary costs were £1 million. Network Rail had estimated the cost of resignalling at £150 million, so in terms of cost savings the scheme was going to take a long time to pay for itself! Of course, the modular signalling eventually installed in 2012 might have worked out cheaper - it was certainly meant to be.
There were 9 signal boxes and Poplar Farm Gate box, which needed over 50 signallers to operate between them, including all the reliefs. Average cost per person was nearly double what you suggested. Resignalling cost was about a quarter of what you suggest. The financial equation was rather different.
There were some (rather well publicised) reliability issues to start with, with hindsight being the first widescale application of MCB-OD, that should have been expected. However in my opinion it is more reliable (and safer) than it was previously. No boxes shut because of staff shortage (happened quite a bit). No signallers putting gates across an approaching train (happened more than once). No broken block instruments, or failed telegraph wires. No broken locking, with the nearest locking fitter a day away. No signallers getting a shock, literally, when lighting struck the points rodding. And so on.