Yes to all questions Capt. The cowling area is perfect for a side mounted muffler and carb stack. The Brillelli GT25 with CH Electronic ignition would be a good one. Maybe a Brison 2.4 , etc.
The plane is built very nice . Like higher priced ARFs. It has a great two piece wing system with alum tube and four 1/4" nylon wing bolts that have convenient thumb tabs.
I have a thread over in the ARF section on the one weak spot the plane has. Even got some pics how to beef it up. Easy fix.