> slightly more than twice the price of a P1022

2.6 times, to be exact ;-)

> a fraction of the cost of the P5020

Indeed, half the price.

> it could be priced close to (or slightly higher than) what the Peg2 was originally.

I think it could beat it in price. Don't forget that the Pegasos II required northbridge chip and southbridge chip, none of which would be needed with the T2080. The only things missing in the T2080 compared to the controllers on the Pegasos II would be FireWire (who needs that?) and audio.
This reasoning is assuming a production quantity similar to that of Pegasos II, of course.