Congradulations on your purshase! I looks like a really fun plane! It uses a geared 370, right?
Anyway, yes, a 3 celllipo would burn it out. It would start to smoke and stuff.....don't ask me how i know. lol. Use a thunder power 2 cell, 1325 mah lipo battery. There great!

Ya, use the motor that came with it. Try it out. If it dosn't work, get a brushless. If it soes work, use it untill it is dead(usually around 10-15 hours) and then buy a brushless.
Good luck with your new plane! It should be lots of fun!
If you have another question, let me know!
lulubelle