I agree that it sounds like an Evolution engine. I have a .61 and a .46 and both of them worked right out of the box and used on flights w/o any break-in.

As for building tips there is a great thread here for the LT-40 by RCKen. There is a ton of information in this thread and I would suggest reading through it. Your setup and approach look very good to me.

Regarding the field box equipment, if cash is tight, I would suggest trying to get by with the minimum. It does not take a lot of equipment to get a plane in the field ready for flight. A simple wood dowel is all that will be required to start an EVO engine, manual fuel pump, glow plug starter, a few simple tools, and cleaning materials (for the glow fuel slime). If your club is as friendly as mine, there will be others that have some of the "fancy" stuff to help you if you need them. I may have forgotten a few, but I remember seeing a thread here that went over some the the basic necessities.

Enjoy the build process and ask any questions you may have.