Duelist - fighting value trade off

A player wants to make a skilled, lightly armored swordsman or duelist. He wants hit die value 1, fighting value 2, and thievery value 1 for his character. But he wants the thief’s weapon and armor restrictions.
His idea is to trade 2 fighting value trade offs for one custom power instead of increasing the XP by 150. To have the same restrictions as a thief this would give him 2 custom powers (2 armor, one weapon, and 1 fighting style trade offs). He argues that this would be the same as the free powers he would get with as second level of thief and cost 300 more XP still paying for the other fighter benefits. Does this sound fair and balanced?