Here's what we use in competition 1/8th scale hydroplanes that we race in R/C Unlimiteds:
1) MOTORS
- NEU 1527 1.5Y 850KV
- HET Typhoon 700-98 840KV
- Turnigy SK3-3994 850KV
- TP 4040 10Y 830KV v. TP 4060 6Y 860KV
2) ESCs
- Any ESC may be used as long as it is rated to a minimum 130 Amps and rated to handle a minimum of 8s battery configuration.
- Anti-spark resistors are advised on all speed controllers.
3) BATTERIES
- A maximum capacity of 8S Lithium Polymer (LiPo) batteries are approved. Only LiPo batteries with a cell rating of 4.20 or less volts per cell are approved. Maximum charged voltage is 33.84 volts. L
- LiHV batteries with per cell capacities to 4.35 volts or higher are not approved
Now, with all of that said, it will leave your boat slightly underpowered when compared to our 1/8 scale boats. Since you're not looking at racing, I don't see where that would be an issue. Just out of curiosity, which lake are you on? The reason I ask is some lakes have rules against running any powered boat on it and it might be something to look at before throwing your boat on the water