RE: out of the ordinary
7.4 x 2800kv = 20720
A 7x5 prop spinning at 20720 produces about .765 HP or about 569 watts.
To get that wattage you have to push 76A through the motor which is TOO much, so you must not be spinning the motor at a proper speed at full throttle.
( Remember that any time you spin the motor it is ALWAYS trying to hit the KV rating of 20720 or so RPM. )
The motor is rated at 750 watts and 50A so you are not effectively using the motor.
I would switch it out for a better suited motor and battery combo.
Then I'd take the electronics, get a Great plains gearbox and motor mount, and put it in a .25 sized electric plane.
[link=http://www3.towerhobbies.com/cgi-bin/wti0001p?&I=LXMLK0&P=7]Gearbox - Click me![/link]
[link=http://www3.towerhobbies.com/cgi-bin/wti0001p?&I=LXLCL4&P=ML]Mount - Click me![/link]
If you have more than one identical battery, hook them up in series to create a single 3700mAh 25C 4S pack ( this is done merely with a connector, you don't change anything on your batteries ).
Select a pinion gear ( provided with the gear drive ) to give you about 13,000 RPM's at full throttle and then install a 12x7 or 13x7 prop
This gives you a nice larger electric with plenty of power and speed and uses your cast off electronics effectively.
You can separately get additional 4S packs to power this combo for additional field flight time and charging.