I did a little bit of reading and it looks like the two psu's is possible. There are a whole bunch of disclaimers of course about feeding your system with different power supplies, different rails, may be bad, but that is above my head. If you want to go with the 2 PSU's the main obstacle you need to worry about is how you are going to power on the second PSU because the motherboard is usually what tell's your PSU to turn on.
The best way to do this seems to be have a daisy chain adapter which accepts both PSU's 24 pin motherboard connectors. Here is a link a review of one such daisy chain module.
http://www.legitreviews.com/add2psu-daisy-chain-power-supply-adapter-review_1698
To address cheapness, it likely is cheaper to run 2 600 watt PSU's because there are plenty of lower quality 600 watt PSU's, where as at 1200 watts most PSUs are going to be at least gold efficiency, or of higher quality.
After all that I would recommend the 1200 watt, seems like much less of a headache.
Good luck,
Mouse