I think that is basically correct But I think the BL excess cost becomes capped at $1,820. Essentially it becomes what you are paying for the sway bar disconnect, rock rails and the rear steel bumper. (Differences in the interior not withstanding.)
i have priced both to be as closely matched as possible with the exception of the Sasquatch package on the Badlands. With the Lux package (that still leaves the difference of the interiors and the rear steel bumper) the BL was $680 less. If you wanted the Sasquatech on the BL It was $1,820...