Any good .40 class engine will fly the airplane fine, provided it comes out around 5.5lb. Over 6.5 lb a nice light .50~.60 will be needed. As for competing with a Taurus? (Sucking of teeth sound). It is a very good aerobatic airplane, when you know it well enough to be able to get it to stall, every time, on demand. It does not like it, and if you can't stall it, it won't spin, and you will lose points every time. So, in my humble opinion, no, it is not a good 'competition' airplane, but you will be hard pressed to find a better flying airplane, anywhere.
Evan.