Rico, lipos work with a base value of 3.7v per cell, so a one cell lipo is 3.7v, a 2s(cell) lipo is 7.4, and so on. That is nominal power, a fully charged lipo cell is .5v higher, so 4.2v for a 1s(cell) lipo, 8.4v for a 2s(cell) lipo. The battery is then measured in MilliAmpHours(MaH). If I remember correctly you take the Ma and divide by the discharge rate(C) to get the MaH. So a 100ma battery, like in the Ace, which is rated as a 1.0C becomes a 100 Mah Battery. Check out Cheapbatterypacks.com, I think they have a battery calculator. You also need a way to either time the discharge or an ESC that will shut down at the proper voltage. These are generally sold as lipo friendly.

For your range problem with the 3 channel mod, check your antenna connections. I've done 5, I think, and never had that problem.

Tim