you need to have a receiver that has enough channels for you to do the following:

1-throttle
2-ailerons
3-rudder
4-elevator
5 gear or a spare to use for elevator
6-flaps to use with channel 2 to control the left and right ailerons seperate

u cannot do the reverse feature on a y-cord and
I would not advise to use the reverser that many crashes have happen from (its a product that will allow the servos to be hooked up to a y-cord and will allow u to reverse one)