Hey Beach,
I think that is a good setup you have there. On the link to the motor, you will notice there is a chart with different props on different voltages and this one will draw about 10.9A on 11.1, so I think the ESC and the battery will work out well for you. It also says that it will put out about 21oz thrust too, so you should be able to prop hang with it. As far as C goes as CG was stating, the battery is setup to deliver 20C continuous and 25-30C burst, so the 10.9A will be about 8C, which means you should be able to fly at full throttle for less than 7 minutes, but if you are just cruising around doing some loops on less than WOT, then it will extend your runtime. I say go for it.
Curtis
P.S. Don't forget the matching set of bullet connectors. They usually come with the motor, but it looks like this one does not include it. [link=http://www.hobbycity.com/hobbycity/store/uh_viewItem.asp?idProduct=66]Click me[/link] Too bad you need to buy in a set of 10, but you will need at least three pairs unless you want to solder the ESC directly to the motor, which I wouldn't recommend. You might be able to find a couple of sets at the LHS, but maybe not as cheap as these.