For the SIG Rascal 40 the conversion would be something like this, you need not use the brand/model stated below but anything that is similar is fine:

Motor: AXI 2826/12
ESC: 45A
Battery: 3S1P or 3S2P of about 4,000 mAh (for longer flight times)
Prop: APC 13x8E
Charger: Tahmazo T15
Balancer: Electrifly Equinox

Cost? Its better to go glow for the moment unless you are pretty sure you want to go EP. The initial capital outlay on batts and charger and balancer kinda hurts the bank account. For cheap but good motors/esc etc go to United Hobbies. If you want to cruise around only you can get cheap batteries from Common Sense RC or 2Dogs RC. For me I am all EP now ... no more glow.

Charging time for lipo is usually about 60 mins per pack (if it is 80% drained), no matter now big or small. There is NO quick charging for lipo packs!

Advantages of an EP Rascal ... your plane be clean and powerful. I love EP because I am LAZY ... tired of the mess from glow. I used to fly glow engines like YS, love them to death but just am getting lazy. The power of EP is amazing but you have to spend $$$ on batts and that is very painful to be honest. Its all nonsense that EP flies like cr@p with no power ... its the same as glow. Look at your mags ... every other article or ad is on EP. So the fact is EP has a great following at the moment if not the manufacturers will not be advetising that hard. Still the truth is EP is expensive.

At the end of the day EP vs Glow is like Apples & Oranges ... you take your pick. PM me if you need assistance.