Electrically, I think this setup is good.
Mechanically, you have to measure because I dont know your boat.
Does the motor fit into your motor mounts? Is the axle diameter of the motor the same as the old, so your connectors will fit? Is there enough place to put the new, probably larger batteries, and the new, probably larger ESC?
Check that out first, or you might get a surprise. All sizes of the new stuff is in the product description in the links that yellowbird sent you. So measure the space in your hull, and compare =)

Most new ESCs from hobbyking is sold without any connectors.
Most new batteries from hobbyking is sold with XT60 female connector only.
Turnigy inrunner motors of that series is sold with 4mm bullet connectors, usually both male and female. But sometimes with only male.

Make sure you got the connectors you need, or make sure to order them at the same time.
basic soldering skills, and gear, is needed.