Get this plane:
http://www.dwfoamies.com/index.php?p...art&Itemid=343
You can get the Dynamo power combo, that includes motor, prop, and ESC for another $50. Throw in some decent 25C 1000mAh lipos, and some cheap HXT900 servos, you have a great 3D trainer.
I would stay away from balsa for your first plane. You're going to crash it...a lot. Foamies are super easy to fix. Just bring some foam safe CA with you and often you can be back in the air in a minute or two. The DW foamies fly great, I'm using one to learn 3D on, and their customer service is top notch (my kit had the wrong motor mount, a quick email, and the correct replacement was in the mail the next day, no questions asked). Plus with these you can just go the local school yard to practice w/o having to pack up a nitro to go to the field.