Of course you can... it should already fly fairly well on a hot .32 or something like that. The plane is not so heavy (although it could be built lighter IMO)
A sport .46 with a decent exhaust system will very likely get you past the 130 mph mark. And that is more than enough to get your knees shaking if you're not used to any kind of speed.
Rebuilding it...? I believe the leftovers of the wing are still somewhere under the table... but the rest is long gone. I cut the aileron torque rods out of the wing, they were not damaged and came in handy in another plane...
