RE: Does this look like a good set-up?
Well you will need a 35 amp ESC, the 20 amp is insufficient. I would recommend the Castle Creations Phoenix 35. That's what I am using and I have zero overheating issues. You don't say if you are new to heli's or experienced but if your a newbie you can lower your radio cost by going with a 6 channel JR 6102 computer heli radio, e-bay has some good deals. I use Hitec HS 65 non MG servos on a 450XL CDE eCCPM setup with no problems which can save you a few bucks. You will need a different Tail rotor servo that what you have chosen. I am not an extreme 3D pilot and I use a HS -56 with a 240 gyro on the tail but many pilots are using digital servos on the tail rotor. Hope this helps and remember it is just an opinion/recommendation. I am sure that someone else will have a better set-up for you.