The formosa has massive following and almost acheived cult status for being a good and yet cheap and easy to repair aerobatic plane but it's probably too much as a second plane but maybe a good 3rd on low rates.
Personally I'd try and get the E-starter going with a approx 120 watt motor which should be that much lighter and get some cheap 1300 mAh Lipo's from somewhere like hobby city to go with it, both of which should reduce weight and you'll hopefully get the CoG right then.