I have been working on some electric Ideas and the AXI is a good choice then you might want to wait for the new Castle Creations 110 amp controller, it should be out in about 3 weeks.. Austin at MaxAmps.com is getting some new Lipo cells and they will be smaller and a 10s2p pack around 26-28 oz. He should have them next week and is going to make a pack of 2- 5s2p and see what the final weight is..
I was at SEFF and had the chance to see several of the electric pattern planes.. More watts/lbs is better and your going to need a big prop 18-22 inch dia.

I have a Focus 2 right now it's 7.1 lbs with out glow motor and header and pipe.. And have been looking at doing a E-plane with it.

Scott