RE: I know this sounds crazy!!!
It can work, but you will need to make or find a gearbox that will enable using a large diameter, low pitch prop for best results. Otherwise, you will have a very fast (with direct drive prop) but low torque plane that will not perform 3D well or at all. (you mentioned it is high torque- but wasn't it geared in the car?) If you try to bolt a large diameter prop to it, the resulting amp draw will most likely be quite high. This is all speculation but is based on general rules of E flight. The battery packs used in cars are generally made for high amperage loads but not necessarily with low weight in mind. You may want to invest in Li Poly technology with high "C" rated batteries after arriving at the amp loads needed to power your plane. (You could set it up on the bench and test it with an amp meter first to make your decision.) Hope this helps...