If money is a issue then go check out the Tower Trainer 40 at Tower Hobbies. At 99.00 for the arf his is a great deal on a good flying trainer. Also while you are there take a look a the Hobbico Superstar w/Monokote ARF. If you have not noticed I am recommending Arf's over the RTF's. This is because when you get out of the realm of trainers there are very little planes available in Rtf. So it is best to get a arf and learn how to assemble and setup a plane than just get a ready to fly version. Also, most of the time the Arf's come out lighter too.

On the subject of engines I would skip the bushed .40 engines and go for a good BB .46 like the Thunder Tiger .46 Pro. This is a great little engine for the money an is considered to be the best bang for the buck. The BB engines just run better and have quite a bit more power which is especially important if you fly off a grass field. You can also use this engine in your second plane too.

Also, when looking at radios you might be able to get along with a standard four channel radio for awhile but you will probably need to upgrade to a six channel computer radio later as your skills progress. So why not just start out with the computer radio IMO. Also do not forget to get a good instructor or your fancy new plane will end up a lawn dart.