teemto,
You're pretty right, the real Catalina seem underpowered and a 2 meter model powered with 400s motors will indeed, flight slowly, pretty much like the real thing. See this great info about multi-engine electrics :
http://www.geocities.com/ivansplans/Multiengines.htm
The Kyosho Catalina equipped with .15 seem to fly really fast, maybe .10 should be enough. The RCM Modeler Catalina (63-inch wingspan and 80 oz weight) was designed for two .10 engines.
I put .15 in mine but I should have used .10, I think we all have this tendency to overpower our airplanes.