Hi Rev,
Yes, you just pull the flying wires and release. The wires are joined with an elastic, it is hidden in the fuselage, so it is not a problem to pull and release.
Sorry for your first GeeBee. It is a really pitty when you loose your plane because of such a problem.
Did you use with your previous GeeBee a glow engine or a gaser?
I am curious what would be your weight with a MVVS.
I would say 5430g is an average weight or slightly more then average. Still it is 239g lighter then the geebee in the RCuniverse review using a 120FS. So I believe I have a good chance to handle mine.