Ok, Cheif, I don't have much time but I'll start.

First remove everything from the hull, hardware included. You're starting from scratch here. If you're going to a larger 700 motor, remove your motor mount as well. Start from SCRATCH!

Remove your stock propshaft...the entire thing. Be carefull not to crack your hull, you may need to cut it out. Use a Dremmel style tool. A good fiber cutting wheel works wonders, but remember to wear a mask, the stuff flys everywhere and it's better not in your lungs. Don't try to be a tough guy, wear a mask!

Off the top of my head, some other things you'll need are epoxy-30min; medium weight fiberglass cloth; scissors; industrial strength Velcro-get the big pack it's well worth it; 7/32 sized brass tubing for yoru new propshaft; .130 flex cable with teflon liner with either 1/8 propshaft or 3/16-it depends on what motor you're using; flex connector for whatever sized motor your using to a .130 flex cable; solder; a blowtorch-or a gas stove ); strut, or strut/rudder assembly, various props, prop nuts. You've got to figure out exactly how you want your finished product to be. The main thing is what motor do you want to run and on how many cells??

After the propshaft is removed, look at the bottom of your hull. Is there anything protruding from it where the propshaft used to go though? If there is, smooth it out so that it conforms perfectly with the rest of the bottom of the hull. The goal here is to make it look like there was never anything coming out of the bottom of the hull.

Well, right now I've got to go finish painting my friggin house, so more to come later! Get started on that and more help is on the way!