RE: Much help needed - new to electrics.
RD,
I don't have a Speed 700 motor but you can find information on it [link=http://www.hobby-lobby.com/speed700.htm]here[/link] at Hobby Lobby. Perhaps you can give them a call or e-mail L.A. Johnston there for some answers.
It would appear that this motor is happy up to 30amps. The Graupner 25-amp ESC is probably ok since it is a continuous rating and can take more current short term.
I couldn't find any information on your 7-cell GWS 1600mAh NiMH pack.
Good luck!