I have a ~30 year old wood bay window with a fixed center lite and casements on either side. The fixed center section has severe lower-rail rot across the bottom width, visible fungal fruiting bodies, and exterior soft wood extending several inches up the lower side stiles. Interior side stiles still feel sound, but the bottom rail appears rotted through. The exterior sill is harder wood and seems mostly sound, but it might be catching/holding water (or perhaps the water is seeping in where the glass meets the sash?).

Full replacement quotes for the entire bay are $7k–$10k (Los Angeles). I’m trying to buy several more years, not make it perfect. Does a glass-in-place stabilization repair seem appropriate here? The glass pane does not budge at all when pressed at any point. That's something I think I can probably handle.
What I won't be able to comfortably handle myself would be removing/resetting the glass and rebuilding the lower rail (or full replacement, natch).
So if this is glass-in-place stabilization repair appropriate, I'm guessing the procedure will look something like this:
- Scrape/grind out all the rotten wood
- Treat exposed wood with borate and a penetrating epoxy
- Fill any major void (likely bottom rail) with new rot-resistant wood (aka Dutchman splice)
- Epoxy fill around the Dutchman splice or any/all smaller areas
- Sand & prime all new materials
- New glazing/sealant along exterior glass/wood joint
- Multiple coats of exterior grade paint
- Maybe a sloped cap/flashing to remedy the water catch at the sill?
(although the sill seems properly sloped )
If I missed something important, please tell me.
I'm relatively handy, but far from a professional. Though reliably professionally unprofessional, if that helps. 
Please let me know what specific tools are likely to be most useful for this job, and if you have recommendations as to what specific products to use on the wood treatment, filler, sealing, I'd love to hear from folks who have experience with this.
Thanks so much.
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