I definitely don't think that that's a rip off. A lot of that customization takes a while, and if it's done by JMAR, then it's fairly high/good quality. As the owner of all the old WCW replicas and several custom real wrestling belts, I'd say it's a good deal.
The leather working and re-tooling, plus the coating to keep it from cracking, and the nicer backing on the belt, etc.. is a plus as well. Just a bad thing about white leather is while it looks nice, it dirties VERY easily, and sometimes - SOMETIMES (I stress that because it varies) - colored leather such as white, red, etc.. cracks easier than black leather.
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