Problem is once you add-up the cost of a head, hobbit body (probably have to buy and entire figure to get) and clothes/accessories it gets out of hand pretty fast.
I'm making a T1 Terminator figure and even with a few good deals am at arouind $200 total investment.
Any great and accurate custom is generally around the $200. Just know that as the bar. Some are more. Some a little less.
But yes, in general, for a sculpt and the paintwork to go with it you're at about $100 right there if you don't paint yourself. The clothing and body and accessories can add the other $100 by the time you're done gathering and paying for all the shipping on the bits.
Even with a deal on the Hobbits (for Merry/Pippin clothing) you're gonna end up spending about $100 -- and then you have to make modifications (tailoring, dying, etc).
You also need a few accessories... most likely a jug of wine and some food for them.
But if you're willing to spend $150-$200 per Hobbit, you CAN do it.
Yes we can.
For anyone to sculpt Meery and Pippin -- like Spenser or C. Howes or whomever -- it's probably gonna take at least 10 people committed (without backing out) to get the sculpt price to be a reasonable $35-$40 per sculpt per person. That's generally the sales price based on 10 or more.
C. Howes and Kuato -- if they're interested -- might be able to make a deal for sculpt AND paintwork. I've seen them do it with Joker and Bat-characters, although I've yet to join their commission.