Lanier Extra 3.25 specs:
http://www.happyhobby.com/hobb_html/...extra_3_25.htm

I found this motor which states it is an especially good match for 4- to 5-pound scale airplanes on the market ... Kadet LT-25, Sig Frazer, Lanier Extra 3.25, Global Tequila Sunrise 25 and others: http://www.e-fliterc.com/Products/De...odID=EFLM4025A

You can probably find one cheaper, and I am not sure what size ESC you will need (possibly 50-60 amp) but its a rough idea of the high cost you will endure to convert this plane to electric.

EDIT: I have been looking and I found more info here: http://www.hobbyworks.com/default.cf...D=469522&hs=RC

Needed to Complete if you purchase this motor:
* 40A - 45A Brushless ESC
* 3S - 4S Li-Po or 10 - 14 Cell Ni-MH/Ni-Cd
* 11x8 to 14x7 Prop

These servos would probably be OK http://www3.towerhobbies.com/cgi-bin...&I=LXN676&P=ML
Personally I like Futaba http://www3.towerhobbies.com/cgi-bin...&I=LXNCV6&P=ML but any micro servo should be OK

Some more recommendations:
http://www.rcuniverse.com/product_gu...cfm?kit_id=111