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Say it takes 3 months full-time, one developer (reasonable). Taking the low end rate, that equals: $50 x 480 hours = $24,000.
So lets say $25,000.
(assuming your savvy developer can do the graphics, database work, server setup and programming all by himself/herself...)
It shouldn't be that difficult to produce a site that "works like MySpace", especially if you already have a "clone script".
The big issue is how well it is going to scale if this is going to be a large site. Is the clone script and it's underlying technology suitable for a large site? In that case, you need to find somebody who is experience in building large, scalable sites, and you will have plenty of issues outside of the actual script that you need to deal with.
Hire them as though you would anyone else. Screen applicants through a series of tests etc until you have found the best three. Then offer them a pool 20% ownership in the business. This way you will get the best work out of them as they will be working for themselves and not for you.
Assuming your hiring process is well refined and stringent, you now have three bright minds working their arses off to make this work for everyone involved.
Bigger risks = greater rewards.
Pay attention to the bids from coders who have a track record in the scale of project you are contemplating. You'll get junk bids from coders who don't understand the project. Just about every project I've put out for bid, regardless of complexity, drew at least one bid of $100. (eBay auction site, with Amazon collaborative filtering? No problem, $100.) I've always been tempted to pick one of these just to see what would happen.
If you are lucky, you'll get some bids from coders with a long track record, good experience and good ratings.
Needless to say, writing the spec well is important. You can't go back and add major features in the middle of the project without having to pay for them.
This reminds me of the early days when a client would ask me to "make a site like Amazon.com". Oh yeah and keep it under $10,000.
That's not bad at all. We used to get inquiries like: "I would like a site like Amazon, and my budget is $500."
I'm not kidding five bills.
It usually followed by somethig like "Even $500 is too much. My neighbour's nephew can do it as an after-school project for me for even less!"
Of course, it went the other way too. We sometimes reviewed quotes prospects brought to us from someone they checked out before. And one such quotation (which was almost approved by the prospect) had among other things a separate box just as a DNS server for one website with non-existent traffic.
Those were the days.
Most scripts are very insecure and sloppy code as well ... which is always something to keep in mind.
I'd just be careful of whom you hire.
On a side note... I've seen hundreds of successful (on smaller and larger scales) of SNC's (Social Networking Communities) that use programs such as phpfox, buddyzone and handshakes and customize them enough to differentiate themselves from the rest of the crowd.
So you may spend $300-$400 on a pre-built script that will cost you maybe $2,000-$5,000 to get customized but it's DEFINITELY worth saving all that time and scripting on a script from scratch.
Just my two cents ;-)