I don't think I would try to to install retracts. Cutting into the fiberglass for the nose might be a no-no. It may be hard to fix if you mess up. Alot of the real Lancair aircraft do not have retracts.

The plane in real life is actually a legacy model (WITH RETRACTS) with the flag paint scheme
http://www.lancair.com/Main/lancair_gallery_legacy.html

The plane from Lancair looks like it is a mix between the Legacy FG and the IV-P model. Winglets on one and retracts on the other.
http://www.lancair.com/Main/iv_ivp.html
http://www.lancair.com/Main/legacy_fg.html

I just got mine in the mail and I have to say I am impressed with the $109 plane. I think I could kick the fuselage and nothing would happen to it. I can't believe what an awsome fit the nose cowl and wings are. The painted fuse is so much better than having bubbles in the ultracote or whatever. I will be running a Evo 45 in mine. It is the best quality out of the last 5 planes I have had including, H-9, E-flite, and Seagull. The only thing is the instructions. You need to have built a couple of planes before this one.

I crashed my H-9 P-51 pts with the trainer system installed. That motor is an awsome motor, and cheaper than the .46, once you remove the trainer prop and weighted thrust washer (flywheel according to parts list) with the thrust washer from the 40 or 46 2cycle. It is cheaper than the .40 and .46 and almost as powerful as the .46 with .455. displacement. It has the same stroke as the .40 but the same bore as the .46 (actually more .867 vs .864). Just buy the thrust washer for $1.99 (EVO040219 vs EVO040219A).
I just thought I would try to same people some money. Since it is advertised as a trainer motor that is probably why they have it listed as cheaper, I guess. Once I made the changes my P-51 HAULED A**.