I agree with all of the above. One thing I would add is try and find an older Ryobi 31cc engine. They are just about the easiest to convert(I have 5). Once you strip off the stuff you don't need, they even look like an airplane engine. The Hobby King ignition would probably be OK for starters, but if you want a really reliable ignition, go RCexl:
http://www.rcextremepower.net/ignitions.html by the time you pay overseas shipping, the RCexl will be about the same cost.You can use the original ignition, but most have a safety built into them so they need to see 300 rpm before firing the plug. You cannot flip it that fast. You will need a starter to get it fast enough to fire.Welcome to the world of gas. Once you try it, you won't want to go back to a slimer....