Seems quite reasonable. Take a look at the RN-41 BT module, it has a built in antenna and is cheaper at digikey. I haven't looked at the datasheet but they claim a 30mA power draw when transmitting, which is less than you have estimated: http://www.rovingnetworks.com/rn-41.php

While it may be slightly easier to prototype with complete modules like arduino you will have to start again when you move to your final design. If you use one of the common, low end microcontrollers from Microchip (PIC) or Atmel (AVR) you should find very cheap programmers and free development tools exist along with loads of example code for i2c and serial comms. HTH