This is going to date me, but I remember when the old Narrow Gauge Railroad Association (a long ago predecessor to the Friends) ran the first photographer's special on the C&TS (The "Toltec Rattler" in October 1972), we sold chaser passes. For their money, chasers got a bumpersticker which we silk screened ourselves. Most chasers bought them. I still have a couple of the bumper stickers. I think people would buy something similar again.
That being said, the cost should be reasonable. Having once been an impovershed train-chasing student myself, there are a lot of potential fans who cannot afford to pay a high chaser fee, let alone a $489 ticket to ride. However, we should encourage their participation and not make this some sort of elitist hobby. Those that are able and willing to pay the $489 will still be able to ride and get photos in remote places that the chasers will not see.
At the risk of sounding socialistic, I think we should be encouraging the expansion of our fan base, rather than limiting it to a few well-heeled individuals. It is my feeling that a reasonably priced chaser pass would satisfy everyone.