But of course!
I've done the Lindberg Fletcher and the Tamiya Musashi. I even have a Yahoo Group DEDICATED to the Fletcher, find info at my site: [link=http://geocities.com/y2patmat/]Pat's Pages[/link]
Many people have done smaller models, but these are best kept in pools or the tub.
The smallest fully proportional & reversing ESC I've found is the Airtronics ES-01, about $25 at Tower, handles small motors just fine. And many people just use a hacked servo for drive, the electronics provide reversing and a bit of proportional control.
Pat M