I like my GWS Estarter, a 4 channel trainer. They come with a 400 motor now, might be D gearing. If so, you could run it with a 3 cell 1500 mah Lipo and a 9x5 prop and get some good performance out of it.

Or, you could do like I did and get a 350 motor, a C gearbox and a 9x7 prop with a good 7 cell battery, like the 1150's Nimh at cheapbatterypacks.com. I get 15 - 20 minutes a pack and am quite content with the way she flies like this. I don't get vertical performance, but 'spirited' performance.

As an aside, I don't think electric is much cheaper to get into than glow. Small kits seem to be more expensive than glow kits, a good motor & speed controler is more expensive than a glow engine, mini & micro servos are more expensive and then there are the flight packs and chargers....