I do head shots for community theatre productions 4-5 times a year. I shoot most of them using MF. The key here is turn around. I shoot them on Sunday and have prints ready to display the following Wednesday night when they do dress rehersal. There are typically 15-30 head shots to do, printed two sets 5x7 or 8x10.
On dress rehersal night I take the company photo on the set, and then stills of the performance for their archive. The company photo gets printed about 25 times as a colour 8x10, and the stills get scanned and a CD provided for their archive.
I charge about $300. It basically covers my expenses and pays me a bit per hour.
I actually am a consulting profeesional electrical engineer, so this is a hobby that pales to my full time job. The hobby keeps me sane and pulls me away from the day job, that could otherwise easily become a day and night job and along the way drive me batty.