Alot of other people have responded here, but I think I have a somewhat unique perspective. I edited my own wedding video with about the same experience level as you ( I'm guessing anyway ). I was very lucky and had a access to some very good resources ( multiple cameras and people to man them ) and talents that helped me produce a good video.
OK I'll lay it out flat: You should give this to the bride and groom for free. Make sure you get their permission to use it as a demo for yourself later, but you don't have any professional experiance. You are doing them a disservice to charge them. What if it totally bombs? And with one camera you're just asking for it!
Don't shoot on a camera you're not familiar with. The Elura is just fine, if you a really are good at it. What's more important is your talent. If you're asking lighting qustions I don't think you've through this through too much. I'm sure there's a famous quote here... it paint doesn't make the artist, or something like that.
A wedding is an event, and events are difficult because they can't do retakes, they (often) can't have special lighting, and you are not in control.
I recommend you at minimum have one fixed camera and one semi-mobile for the ceremony ( I had 5 fixed for mine )
Plan your shots in depth before hand. Remember, you are unlikely to edit much at all out of the ceremony. The bride is going to want every second of it. So you if you only have one camera your options are pretty limited for setting up a new shot.
Also, research your location: don't think you're going to be able to run around the sanctuary ( or whereever they are getting married ). Most churches won't allow it, and many churches require cameras to be stationary.
Seriously, especially if this is a friend, you've got to do some things that will be considerate for the bride and groom. They may say they don't care or that they trust you or whatever, but mark my words here: The wrath of a new bride who's wedding video sucks will never end.
Also, remember you're a videographer here... you're going to tell a story. What's your style? How are you going to pace this? Are you going to do inverviews in the reception? Will there be an integrated slideshow or anything else in the video? ( gather childhood pictures from parents ) Do good research on the locations, the time of day you'll be there, and especially what the bride and groom's expectations are. What things are going on in the reception? Make a note of it to be prepared. Lighting and microphones are going to be a big deal at the reception. I am not a professional so i don't know what to recommend for lighting. One area where I screwed up bad on my own reception is that when filming candid interviews, I did not instuct my 2 mobile cameramen to take people to a quiet area for all interviews. While they got some amazingly good footage from the interviews, I really had to work hard in post to get anything useful out of the audio for some of them because they interviewed people to close to the dance floor, and the music blew them away.
I honestly fear for you man. It's cool that you're wanting to do this, but I think you ought to decide if it's a gift or a profession. If it's a profession, I don't think they should hire you. Don't be offended...You just don't have the experience.
As for edtiing... if you don't have a day job, 1 week will be fine. When I did my own wedding video I spent no less than 6 months ( probably 2 hours a night maybe, but I had some terrible learning curve problems with multicam stuff in Final cut ). That probably translates into 180 hours give or take. Granted this was my *own* wedding video, so I was alittle bit of a perfectionist, and I had a huge learning curve. I'm sure I could do the whole thing in 60 hours now.
Remember, especially for the reception, make this interesting. You can only edit as good as what is shot. I hope some other people have some better advice, because I am not a pro by any means, but consider this.
1. Give it to them for free.
2. Don't get the XL-1, Get a 2nd Elura and a friend to help. Set for the ceremony, one close, one medium. Experiment with placement and mobility options beforehand. This will not only give you a better quality ceremony to work with, you will have a backup camera if one of them bites it.
3. Plan plan plan plan what you are going to want to get at the reception.
4. Don't charge for the DVDs either. Only give DVD's to the bride and groom, parents of bride and groom, and the wedding party. No one else will really care that much.
And since you're going to be nice and do it on the cheap, here's a good tip for you: Adobe Illustrator 30 day trial. Works wonderfully for DVD covers.
P.S. If this works out and you want to do this in the future, I *strongly* recommend taking on a few clients with smaller projects and doing it for free or for very cheap with the understanding that you are learning the craft. Go out and shoot a kids birthday party or something and really go overboard on the production of it all for yourself. It will give you extremely valuable experience.
