Yes, the Fun can be upgraded to the CP version. Start with a Fun and a few minor upgrades. Learn to hover, learn nose in, learn to fly circuits. Doing this with the more robust FP setup is less frustrating and cheaper to maintain.
Then upgrade to CP.

Fun has plastic bushings, steel main shaft, steel tail shaft and a foam canopy.
Eco has bearings, CF shafts and a vac-form canopy.

I recommend getting the Fun, with bearings and an aluminum hub.
I HIGHLY recommend Lithium Polymer batteries over nicad or nimh.
I also recommend [link=http://www.helihobby.com/html/separate_electronics.html]seperates[/link] over the piccoboard.

Learn everything Piccolo. Read the [link=http://www.ikarus-modellbau.de/ubbthreads/showflat.php?Cat=&Number=138982&page=0&view=collap sed&sb=5&o=&fpart=1]Welcome post on the Ikarus board[/link]. Read (re-read and read again) [link=http://www.ikarus-modellbau.de/ubbthreads/showflat.php?Cat=&Number=138982&page=0&view=collap sed&sb=5&o=&fpart=1]Paul's site[/link].