Flash template work

Hi all. I need some feedback on this. I did search for anything related to doing business of editing Flash templates but couldn't find any. I have a potential client who is interested in hiring me to edit a Flash template that was created using SwishMax. The client wants to use his own graphics and text to replace the ones that came with the template plus add some of SEO stuff thrown into the template before uploading to his site. He plans only a few web pages max for this site.

My question is: should I charge by hour for the possible hours it would take me to edit/tweak this existing template or how should I gauge the pricing on this? I've freelanced in the past and normally charged them by hour by invoicing them for the hours I've worked, whether it's just site maintenance or to design a new site from scratch.

Otherwise, I'd just go ahead and drum up a quote explaining some of the details of what work is involved and see if he will accept this bid or not. It is obvious that he is looking to save his money or has very limited budget in his mind.