I've used Omega fuel with 10% or 15% nitro with good results. You can use this fuel for both break-in and flight. Just follow the manual that comes with the engine for the break-in procedure.

As far as flight times, it depends on the size of the tank that's in the model and throttle management. Fly the whole time at full throttle, you'll get less time than if you're cruising at 2/3 throttle. The manual for your engine states that you should expect roughly 12-13 minutes of flying time on a 300cc tank.