I have had a Telemaster 40 for several years, and just dug it out to fly again. It seems like a plane your always pressing back into service, put away the Extra,s, Freestyle, and Pizazz here comes the Telemaster. These are great trainers and just super camera carrier, bomb drop or whatever. I am getting mine ready again to serve as a glider tug.
A note on wing folding, when I built mine it did not have a dihederal brace in the wing, I made one of light ply and installed it, anyway I felt better. I had read someplace that Hobby Lobby had several differant people kit this plane over the years and some versions had the brace and some did not. Also in mine they recommended if going to a larger engine, use shear webbing in the tail for strength[:-].
I have an old K&B .61 on mine and it makes a great combo, it isnt necessary to fly with that left stick forward all the time. Besides I have always found more power has gotten me out of trouble, more than it has into trouble. I tried a .40 on it once, and it will fly it fine, but it's much more useful and fun with the .61. If the .61 has a draw back it is only on landing, at idle that large prop will almost keep the TELE flying. So if you go a .61 you may want to try something in about a 5 pitch. Like 12X5.
Whatever you set it up with, the plane is a classic RC and you will always come back to it. Good flying.