What are my best options to avoid shelling out $1250 for the DV Toolkit plug-in? Any ideas?
You could pick up Logic or Cubase for about $400 or $500 and then import the OMF through either of those programs. From there you would have to export each track with the same starting point and import into PT. But, in the long run you will wish you could just import OMF files into your PT system. Heck, you could even pick up a copy of FCP and have the client just give you the original FCP session file and you could export tracks from there. These are pretty ugly ways to get the audio but they would work.
Riffing on what georgi.m said, for $75 or so the studio where I work will take a Final Cut session, export the OMFs and import them into a PT session. I imagine other studios offer this service as well. You can include the cost in your bid and be assured that the OMFs are exported properly. You'd be surprised how often the export gets screwed up. Also, maybe there is someone else in your area who has Digitranslator and would set a session up for you for a small contribution.
For smaller projects, I will occasionally forgo OMFs altogether and work with the video editor's stereo bounce and any other recordings they might have done. Not ideal by any means, but works fine for some projects.
I'd go with everyone else; before I owned DV Toolkit (which I actually bought from ebay for £200 - bargain!), I just used to take OMFs into the HD rig at my studio, or ask a friend at the University to import them on their systems. You can pick up a copy of Digitranslator for about £80 on ebay if you don't want the full expense, but like Ian said, its worth it just for TL Space which is awesome. And Vocalign. And everything else! Shop around and you can definately save money.
After a lot of searching and asking around, I was told that there are certain online equipment sites which offer "educational" versions of many Digidesign products. These versions of the software are exactly the same as their $1300 counter-parts, except they're half the price. Anyone looking to purchase dvtoolkit, an mbox, or other products, should first search these sites first, as they offer really good deals.