you'll see a big jump in performance, and probably a small jump in flight time. The setup eflite has come up with is hard to beat in alot of ways. The only thing is that it is a bit more expensive than other options, but that is what I would go with. The motor they suggest is the 3600kv, but there is also a 4100kv if you want a real beefy motor =)

The CC is probably a good ESC and you could probably go with that one too =)

Most people use the park 370, although some go for other motors, but mostly for price from what I have seen.