The Novak systems don't have a very good reputation for 1/8 applications. And I wouldn't worry about the ROAR approved thing. I don't know why it wouldn't be ROAR approved, but unless your gonna be racing at ROAR-sanctioned events like some big regional or national race, then it doesn't matter.

I believe www.rc-monster.com has conversion parts for the Hyper 7. For the motor/ESC, The Castle or Tekin system would be a much better idea.