Do a search on the Utra Sport 40 + and you will find that several have been built with and without the gear. I built mine with.
It is all in what you want to do. Speed then yes, do the retracts. 3D, dont and get it light.
You can [link=http://www.se2skunkworks.com/photogallery/US40+/index.htm]look here[/link] for build pics of mine. I have not flown it in a while but I do like how it does fly. I am at 5 1/4 lbs all up, but If 3D is the goal, then sub 5 would be better and would be hard to do on this bird with the retracts.
Jason