cptcrusty1,
I'm assuming you fly mode II (throttle on LEFT stick). Don't hold the throttle hold the RIGHT stick. Launch with your LEFT hand.
Also, the motor should already be screaming when you launch it. The torque effect would be most problematic if you were changing the throttle during the launch, but the plane is large enough that as soon as it starts to move, it should be pulling away with authority and the flying surfaces and wings will stabilize it.
I was looking on the RCCA site for some videos to show what I mean, but I can't find any with planes powered by your motor, but these should give you the idea:
http://www.youtube.com/watch?v=TD4X69CEZgw
http://www.tufflight.com/predator_cartwheel.mpg
The high revving motors really don't impart that much torque to the plane as you're thinking. In any case the plane will be well away from your left hand if you give a slight underhand toss as these videos show.
The underhand toss is easier, and safer for high powered planes than what you describe in your overhand toss (like a zagi). You keep the plane in front of you the whole time and the engine/prop is always within eyesight. Starting the plane, grabbiging the radio, tossing the plane is a much more fluid motion than trying to steady a low wing plane overhead as you described would be done for a zagi. The power of the plane lets you do this no need to throw anything it should just pull away.
The free flight guys have killer setups and they literally just point the plane vertical to steady it and LET GO and it shoots skyward without rolling. Your plane is smaller than those, but the effect is still the same.
If you're scared of the motor, have a friend do exactly what I describe while you stand safely away and ready to guide the plane with the radio. You'll see how gently the whole operation is. You're smart to respect the motor, but your fears are unfounded.
Joe