The setup that you have listed is pretty good with the exception of the servos. You might want to steer away from digital servos to start with. One big reason why is because they use up your battery power quicker than regular servos. So with the standard flight pack battery you are going to get less flights out with the digital servos than you will if you go with standard servos. There is nothing wrong with the 40 engine either. In fact, it's my opinion that having a trainer that isn't overpowered makes for a better trained pilot. Pilots that overpower trainers tend to use the engine to get out situations and never really learn to fly the wing of the plane, and IMHO aren't fully trained. But a pilot that learns how to fly the wing (which a less powered engine like the 40 will do) are much better pilots as they understand the dynamics of flight and how their plane is going to react as they fly it. My opinion on your setup is everything is good but the digital servos. Use standard servos and save the extra money for field equipment.

Ken