These replys has just about covered everything. Mode 2 is the USA standard.
I seen it mentioned to use a two stroke. I would use a four stroke( OS 52FS)
is a perfect match for the LT-40 and its a sweet engine. Four strokes do
coast a little more but are well worth it and very easy to adjust.
You had mentioned throttle and speed. I wouldnt worry to much about
the speed cause the LT-40 is a *****cat at any speed. This plane is very easy
to dead stick. It likes to glid for every. You will be more likely to over shooting
the air strip than under shooting it when you learn to land.

As far as the rudder goes you do need to learn how to use it at the proper time.
As you progress you will be flying on windy days and the rudder is VERY useful
when trying to land under these conditions. Alerions can get a plane flipped
over on windy days. You tilt that wing up and smack its over. The rudder
turns the plane as a whole from left to right. Alerions tilt the plane from
left to right. I find it easier to use rudder on windy days.

The LT-40 is the best trainer for the money and the best trainer i have
ever flew in 32 yrs of my flying.