[JThiessen]

If best bang for the money is your real goal, then find one of the new brushless Revo's on a pre-order basis for around 700. Someone posted a link to one or more in that price range.

You will still need the batteries and charger, though.

If you want the uniqueness of having a converted rig, then you are on the right track. Might want a little more motor, like George suggested. You can get your lipos a little cheaper than that by buying some of the NeuEnergy;s that they have on sale, or with some of the Zippy's.