My comments about the sync were comparing to an Android-based solution, which is equally inexpensive, and what I use for my (very amateur) stuff too
This is the last one I took via my cheapo Android setup (very shaky mount, I plan to steal the idea above about the pipe insulation and tape for next time):
MSR Houston CCW - TDE 20120421 - 370Z - YouTube.
My setup is very similar to the OP's, except it's Android instead of iPhone, and aLapRecorder instead of Harry's (and the PLX Kiwi is over Bluetooth instead of Wifi (which isn't an option for iPhone)).