I agree with the LT-40 Kadet. Also the Realflight G2 sim is well worth it. I use it to practice maneuvers before I attempt them on the plane.

As far as the LT-40 I used the following setup. (It was an ARF)

OS46AX
JR FM700 6 channel receiver
RN600 flight battery
JR537 standard servos
Changed the main gear to Dubro's Fiberglass model
Changed the nose gear to Fult's twin strut model
The gear changes added about 2 inches of ground clearence and since the provided nylon control rods tend to change your trim settings based on temp and humidity, I used the carbon fiber rods to eliminate this.

I put the battery right against the fuel tank and the receiver right behind the battery and needed no weight. I did over 50 flights with this setup then changed it to a taildragger, sealed the control surfaces and added the max throws and it turned into an even better plane and did another 25 flights in this config until I sold it to a student who has flown it around 20 flights.