Compare your VQ P-40 with my TF P-40... My plane has a 64" span and 697 sq in of area and weighs about 10.5 lbs. It has a Valley View 20cc engine (32 oz total weight) and balances just right. It flys very well.

Your plane with 62" span will have about 660 sq in of area and with the heavy Zenoah engine will weigh much more than 8 lbs. You're main concern won't be wing loading so much as getting the CG correct (will probably need tail weight), although wing loading may be a factor, too. I would look for a lighter engine. Are you confident flying a heavy plane that lands fast? Having too much power is never a concern as long as you know what the throttle stick does.

Horizon Hobby sells E-Flight rotating retracts that work for your plane. I've got them in my Warhawk.