At first glance, I think the plane should fly on that combo. Unfortunately, I don't think you're going to get the 45 degree climbouts.

600mAh NiCds will be pretty much limited to 12 Amps if you want them to hold up for more than one flight. On 8 cells the best you can expect is about 96 Watts, or slightly less than 50 Watts per pound. That 2# airplane weight is WITH the motor and battery, right?