Like mentioned above, you want Sub C Cells, not AA Cells! The AA's can't handle the current drain of a high performance 700 motor. You would destroy them in a hurry and not get good performance doing so.

Would the 2 set-ups work? Sure they would. Would they really perform? No.

I would focus on the outrigger. Switch it to surface drive with the rear mounted rudder, get the 700BB motor and a speed control that can handle it, get 16 SC (Sub C like the IB3800's) cells and let her rip. This setup has much more potential than the V-hull. The V-hull looks to me like a displacement hull - which will never plane (Meant to go slow like a tug boat).