Technically, for hovering you only need a 1:1 power:weight ratio. However, for good control authority and the ability to pull out vertically, you want at least a 1.5:1 ratio. I am not sure how much thrust you will get from that .40 bushing engine, but I'm guessing you would have a hard time finding a plane that is light enough, but also strong enough and large enough to accomodate that engine. However, if you moved up to a good .46 ball-bearing engine, there are a bunch of planes that will hover and 3D very well with it. Ex: the O.S. .46FX (or .46AX) and the Carl Goldberg Extreme 330. It is a profile plane, so it is good and light. A .40 wouldn't cut it, but a .46 is just about perfect.

Hope this helps,
Mike