The Dave Patrick will fly the wings off the Stearman, any day.
On the other hand, the Kyosho is more stable, forgiving and docile.

The Ultimate on tame throws will be very civilized, and when "kicked up a notch" will blow anything else away in it's class.

Either plane does not have the best glide slope when dead sticked, (point the nose down quickly) so a reliable engine should be your first consideration.
In my opinion the Saito 72 or YS63 are my first two choices for either of these. Other engines will fly them, but will leave you wishing you had more power as your learning curve improves.

In a 2 stroke I would reccomend either the OS 50 or the Irvine 53. Also the YS45 should be considered. The YS45 at $175-180, new, however leaves you pretty close to the Saito, in price, so if it were me, I would (and did) just buck up and get the Saito, you will never ever regret it.

If I were to open my wallet today, I would go the Ultimate/Saito 72 combo as the best 40 sized bipe available, as an ARF....

Good luck to you, and please post your results and findings here.