That's about right, but low-grade costuming and special effects are acceptable so as long as there's a good story. If the story is poor, no special effects budget can compensate for it.
Cats That Talk is a webcomic with many Doctor Who references. So if you're a Whoivan, you should check it out. http://catsthattalk.tumblr.com/post/7893337743/madmanwithoutabox-thanks-so-verity-much-verity -via reddit