Finally, they need to seriously consider what editing software they're going to use, after all, Adobe Production Premium CS6 would blow 100% of their budget, not to mention having really powerful PC/Mac to edit (need a serious graphics card either NVidia or AMD with at least 1 Gig of Video RAM to process HD video files). I spent 1.5 times their total budget on a custom-built PC that runs Adobe Premiere Pro with GPU-acceleration (utilising fully the Mercury Playback Engine). My other computer a 3Gig dual-core 64-bit Windows Professional laptop will not even playback full HD video in real-time (and it has a 17" 1600x1024 screen).
Seriously, they need to consider computer hardware + software too (unless they already have them) and I would advise doubling or trebling that budget. No point capturing great 1080p video if you cannot process or edit it.
I second DB's recommendations. I would also recommend using lynda.com monthly subscription to learn Premiere Pro if you don't already know it. I spend a weekend with it and got the basics down with no sweat. Now of course I have to go back over it again and again (the tutorials) until I really get it! It's worth the extra money to have a no nonsense tutorial you can access day or night (assumes internet connection). You can even "rent" premiere pro from adobe if you don't want or need it full time. Good luck and have fun.