RE: outrunner versus inrunner?
That motor will work, but it won't have a lot of pull out from a hover, but adequate. It looks comparable to my Hi-Maxx 2812-0650 even in weight. That's the motor I ran on my Elfite Ultimate. I ended up using a Thunder Power 3S 730mah li-po to reduce weight, it's half the weight of a 1320mah and flight time only decdreaed by like 45 seconds, still about 10-11 minutes per flight. However, flight performance improved big time. Changing the battery dropped the AUW by 1.4oz, or exactly 10% of the weight. Remember lighter flies better especially in 3D.
Anyway unless there is a stick mount for the Ripmax motor you'll have to make your own firewall to mount it on. That's easy to do though using either light ply or a large servo wheel.
I also suggest stiffening the Eflite Ultimate. I added 2 pieces of 2.5" x 3/8" balsa triangle stock to the lower wing and that stopped a lot fo the flex in flight between the wings and fuse and as a result it flew much more precisely and more predictable.