Under 1250
1 lbs
You could probably do most of the training for the PPL & IR in the TP but I don't reckon you'd be able to do the solo elements. I guess you could insure your ATPL mate as PIC and he could carry out the dual training no problem. As pointed out though you are restricted to the JAA (or other ICAO) license privileges if using an FAA "based on" as the basis and if the other place requires a type rating, then I assume you'd need one too.
I'd just do the FAA PPL flight test first in say a PA28/ Cirrus or something, then once you have that you can fly the SET as PIC and do the IR.
INsurance...hmm...tricky. You'd probably get it if doing a certain amount dual in the aeroplane, or a Factory FITS Training course , but it may cost a lot. what is this Turbo Prop?