Sounds like the shower floor is 4'x3', correct me if I'm wrong. That all comes out to 92 square feet. If you're going to have a bench, that would add slightly more.
http://www.tile-experts.com offers a 108 sf roll, which would probably be as cheap or cheaper than you can get it by the square foot. That would give you a little extra if you need it (I didn't include a little extra for the curb, overlaps, and waste). They also have the drain you would need. There is a shipping cost, but no taxes, so it's pretty much the same as buying it from the store for me, plus it's delivered right to your door in about three or four days.
If you want to cut back a little, you could go up to the height of the shower head with Kerdi, which is probably a little under seven feet. That would give you a little more "breathing room" in case you have any miscuts. That's what I usually do, since no significant amount of water is going to go above that.
As for the fernco, I'm pretty sure that would work, but you might wait for a reply from one of the other guys to be sure.
Hope this helps.
