Something not mentioned yet I'd like to point out.

If this is the kind of work that your interested in doing and have not done yet then low balling your price and going for back end royalties can be a great thing.

If you do not have a reputation in the field lowing your price can sometimes get you work and help you build up a portfolio.

Never ever ever ever do it for free.  Your time is worth something, even if it's being paid in soda pop.

129 panels at 1 hour a panel at minimum wage of say $6/hr would be $774.  129 hours is roughly 3 weeks full time work.  You KNOW it's going to be more than 1 hour a panel for final approved work.

If you can negotiate a upfront fee to pay for coffee, power, food while you work your tail off and you can get a resonable deadline, with backend royalties and a body of work for your portfolio could be a great thing.

Make sure it's legit, get a contract.  Try to be resonable with clients but don't sell yourself short or you may end up with tons of clients and making no money.