Well, I think current high quality versions are definitely in the $1000-2000 range. If they could get them into the price range with current technologies for $400-800, I think it would be very do-able. I can't imagine with current technology, that price point for retails costs can't be met. I think 40-60% margins can be had for cost of production at around $200-250 per unit.
There are many handheld units solely for spectroscopy that sell between the $300-$700 range.
If they decide to tap into the phone industry where I guess any company would want to go, at some capacity, they could drop their costs if they utilize the phones processing power and mother board, which I would expect, hep drop the total cost of the unit itself.
Like you posed, the diffraction grating is everything for a spectrometer. Pending on the size of the grating (25 mm x 25 mm), costs for the grating itself would be $100 roughly. So if you are using a smaller grating for an attachment to a phone, you could essentially reduce the total costs. Much of those components are inexpensive. That grating is everything.