Actually the HT0740 is a little brother of the HT0440 chip that it is even cheaper (about 84 cents in qty 100), but the trade off is single channel. Minimum +/-400V isolation, which is fine because there are three 58V bidirectional TVS in series clamping the rail (I would have used one or more unidirectional TVS, but that part of the circuit is outside my control).
For the MOSFET the Infineon IPD50R380CE seems OK - low Rds, high Id, high Vgs and 40 cents each from Arrow. I'll consider a diode across the gate resistor for faster turn-off, but an extra cap between the gate and source is still warranted because it is OK if this thing takes a few milliseconds to turn on, but faster turn-off is best (spec is <50ms from command to opening the contactor), whilst acting as a soft start. Continuous load ground return current monitoring could be used to detect a load short (op-amp and uC, so the threshold is programmable).
Alternatively (slightly more costly and complicated), I could use the dual channel HT0440, and use the second output to drive a second FET to a short out a current limiting resistor at, say, 10ms after turn-on. At the end of the 10ms just before shorting out the resistor with the FET, I detect the load current. If it is too high, a fault condition occurs and the first FET is switched off. So we have a soft start (not using VGS) with short circuit protection and detection, irrespective of the load connected. The problem is, without a current limiting circuit, the FET could blow with a dead short before the monitoring has time to switch the FET off, so maybe a FET with a greater RDS is needed to limit the current until detection.
In the end the whole circuit could be under $2 or $3. And previously, just the P-channel FET alone was $5. An improvement - if it works!