Runtime on the stock motor will be around 6-7 minutes. Not great, but good enough for me. Those hinges are a pain, but worth the effort in my opinion. If I were you, I'd get a digital 6 channel radio. You won't regret it, and these will fly any plane you ever get. I know how bad you want to get a plane in the air, but if you can afford it get either a:
Futaba 6EXAS http://www2.towerhobbies.com/cgi-bin...I=LXJUV7**&P=7
Airtronics VG6000 http://www2.towerhobbies.com/cgi-bin...I=LXEUY4**&P=7 This is what I have and I absolutely love it. Got to love the timer on it. Or...
Spektrum DX6 http://www.horizonhobby.com/Shop/ByC...ProdID=SPM2460

The latter is the most expensive but also the best value and can fly helis. But has no timer. I love the S75 servos too, and I've run four different brands of servos and they're the best.

Also, that battery is probably the same thing as the Electrifly battery, just under its original brand name.