This is quite a project, for your first kit build, my friend! But not un-doable. I suggest using 3/32 contest grade balsa, cut in 3/8" strips. I use National balsa, Bargain grade. http://www.nationalbalsa.com/Aero_light_s/209.htm
If you do not already have one, a Master Airscrew balsa stripper is priceless. Get their razor plane while your at it. http://www3.towerhobbies.com/cgi-bin...?&I=LXAA63&P=0
The Stripper uses #11 blades and the razor plane, they have spares.
One of the most important aspects of strip planking, is retaining the fuselage straitness. I suggest building a jig, that holds the fuselage either up-right or inverted. And plank one side at a time. Start in the center and work out. Never place a strip on one side, without going to the other side next.
I use Gorrilla white aliphatic wood glue. Mix with a little powdered chalk, it sands and fills great. I attach the strip to the bulkheads with thin or med CA and just the sides of the strip that contact each other recieve the wood glue. Keep paper towels handy and wipe any excess away from the seam.
Before planking the other side, now is the time for any installation of ducting, fan mounts, wiring, etc. Never sand planking free-hand with just paper. Use sanding sponges, various grades attached to sticks, dowels, etc.
As far as your power system, this design was around during the roundy cell days. You have an opportunity to use a high cell, high voltage low amp system. And still retain low weight. I suggest the Minifan Pro, ARC 28-48-1.5 on 5s(1100W) or 6s(1400W) HET will also have a comparable motor of length and Kv of around 2800-2850.
I flew my 90mm RBC Panther for 3 yrs on the above with a 5s 3000. Hardly ever used full power. Also the same system used in a Savage 90mm Phantom. both used a sep Rx batt pack of the Hydra-max 750 4 cell.