Almost everything there sounds fine but the usual prop choices for the 2208/34 on a shockie are 9x4.7 for 3S (like the cells you have) or 10x4.7 for 2S. If you use a 9x7 you may well pull more amps than you batteries and speed controller can bear (you'd be well over 8A that the Jeti controller is built for!).

Just one thing though - what C rating are the 700mAh cells. You may be pullling anything up to 7A (maybe even close to 8A). So they'd want to be 10C cells. As far as I know, unless they're a new type of 700, most 700 cells are only good for 5C-8C (meaning 3.5A-5.6A). You may be better off with either Kokam 340's (cos unusally they are 20C cells!) or the latest 830-850s that offer 10C or more (so at least 8A).

Cliff