RE: e-flite mini edge 540
I had the Himax on my MF and it is a very similar plane. It will fly it fine, even hover it, but not with much pullout. At least not as much as I like. If you just wan't to pattern fly its plenty. To hard core 3D, my favorite combo is the AON T2415-4900 with a cobri gear box. The motor is about $60, the gear box is $29. With an APC 11x7 SF it puts out 265 watts, at 23 amps, on a 3s1p 2170 apogee lipo.
Any 3s1p (3 cell 1 pack, 11.1 volts) 2000 mah to about 2400 mah will work.
This plane flies much better with the CG near the back of its range. At about 60mm. With the CG near the front of its range the plane snapped out of loups badly, and was quite unstable. With the CG back it tracked straight, had nice tight loops, and was very predictable.