I'd be very wary about wading into such a legally fraught area without talking to a lawyer who has dealt with this kind of thing before. I wouldn't count on the Internet for legal advice, that's my legal advice.
I have female friends who've expressed interest in shooting with me ($500), and I've already had several offers at $250 for the filmographers. Add some miscellaneous here and there, and let's call the expenditure $1,000.
I can sell it for $10 pay-per-view/downloadable, maybe $12 for Full HD version. I don't think it's impossible to cover my cost given the strength of my following.
As for legality, I've acted before twice for studios, and I had the opportunity to see how they do things. It's not the best guarantee, but I'll definitely seek a lawyer's advice when the time comes. Thanks for that heads-up.