Scuby,

I have both the Explorer & LT-40. The Explorer is adequate for beginner's flying, but if I had to do it all over again, I wouldn't have wasted my money on the Explorer. Spend the extra $40-$50 for the LT-40 and you'll be much happier with it especially during training. The quality and flying characteristics of the LT-40 is well worth higher price.

As for engine, $55 won't buy you much beyond a .40 size engine. The only new .46 engine you can get for $55 is the Megatech .46. A good engine for the price and it will be fine for your next plane.

For a radio, check out the Futaba 6EXA. It has all the features you'll need.

Good luck and enjoy whatever you decide to buy.