http://finedesignrc.com/evsetup.asp

Id go for a 700 and esc, 12 - 16 cells either a 700bb or a SS1 - a astro 207d is a versatile esc, no BEC or water cooling, but can handle 6-36 cells, is water resistant, on the other hand a Rc hydros Victory is 6-12 cell with bec and water cooling, water resistant again.

Batteries...unless you are competing dont waste your money on matched cells, some gp3300 sport packs will do, prop may be a tad bid, you might want to start with a prather 215 or a 220, or maybe a x438 - up to 445 ?

hardware, cant go past either fullers ot the FDM stuff looks pretty good, with a mono you want to get the prop out the back a little into clean water.. personally the esc id go with the astro as it gives you the ability to run more cells if you want to!