I've priced buying an ARF and the components versus buying an RTF. If you work the discounts and sales right at someplace like Tower, I've found that you can do as well, or even better, buying the components rather than the RTF packages. You'll also gain experience installing components in an ARF.

Since you haven't flown in a long time, you really should get something to relearn/learn the skills you'll need for the Phaeton. Consider an inexpensive ARF trainer, engine, and look at basic 6 channel computer radios. Then when you're ready for the Phaeton II, buy another engine and a flight pack. Depending on how you do with the trainer, you might even want to get another plane before you transition to the Phaeton.