600-700gp???? Are you out of your mind? All Jubei did was tie his weapon to himself with a length of fishing wire so he could pull it back if needed. Any character can do that trick with a spool of a couple of feet of the strongest available fishing line for the setting. If you can catch swordfish or tuna with the line you can certainly use it to retrieve a sword.
I agree that it should be a standard action to yank the sword back. No feats required.