wazzbat,
My re-entry to R/C a few years ago was as yours is now. Simulator followed by an LT-40. A few observations:
1. Spend a lot of time with the simulator (PT-40 is fine) so that you can take off, fly the pattern while maintaining a constant altitude, and land ON THE RUNWAY each time. By doing this I was able to fly my LT-40 on day one. I did have my son-in-law backing me up on a buddy box.
2. The LT-40 is lightly loaded and will climb readily at fairly low power. Mine had a Saito .50 in it and full-power was needed only for take-off and later for mild aerobatics. The plane was normally trimmed for level flight at half throttle. More power requires more down trim and will result in faster flight. Less power=less down trim and slower flight. When trimmed for a given airspeed the plane will climb with additional power and descend with a power reduction. Dihedral functions to return the plane to level flight when its roll attitude is altered from level wings level. You will need to learn to control the airplane. I think many beginners are adverse to moving the sticks, or else they stir them all over the place. In either case, the airplane is controlling the pilot. Not a good situation.
3. Spend a little time to trim the airplane so it will fly straight and level, at your selected throttle setting, hands off. Otherwise, you will be fighting it all of the time. That will slow your learning and , in any event, is most unpleasant.
4. In my experience, the simulator was very accurate and very helpful.
5. The LT-40 is a very nice kit. Build is straight and true and don't over power it and you will be fine.
6. The first time you fly your LT-40 you will probably get a case of adrenalin-induced nerves that you do not get with the simulator. I think that happens to most people, and probably with most people on the first flight of any airplane, regardless of experience. Have fun and good luck.