Tex, I was an accountant in a previous incarnation so I'm not suggesting for a moment that cost isn't a consideration. Of course it is. But I'd argue it's a board consideration.
IMs remit is surely to identify, recommend and justify targets to the board on the basis of squad /team needs, and the board's remit to approve and negotiate, largely on the basis of cost and potential return. And maybe keeping the manager happy if he's well thought of.
IM will have his wish lists for shopping and dropping and I hope he presents them without poring over spreadsheets for too long. We've always found a few bob beyond the hard budget for the marquee signings (Skacel, Daly, comedy John etc) from one source or another, so I hope he pushes his luck with a few names.
Guessing wages is a fool's game. It's just a guess. Not an educated one, unless you have intel, and doesn't factor in signing fees, phasing of any such payments, win bonuses, goal bonuses, appearance bonuses, contract milestones, player clauses, sponsorship etc, and I don't think it adds anything to conversation.