I think the Telemaster .40 is one of the most under-rated planes of all time. It's a great trainer and a great airplane to have even if you're well beyond the training stage. Personally, I think anything over a .45 is too much engine and if the plane is built according to the plan and well built then there should not be any problems with the wing folding.

The glass tape won't hurt and will add a lot of strength, but it really shouldn't be necessary. If it gives you peace of mind then go for it.