Good news! After the batteries arrived earlier this week, Teddy had its second "first" flight today. The flight was a total success, and in no small part because of cmulder's advice on the CG point. THANK YOU!!!
I flew the plane for 12 mins, batteries were only half empty at that point. With some gliding it could go up to 20 mins of flight on 2s 1600mah li-po.
The bulky thing on the nose is actually a 7s NiMh battery pack that I used to balance it properly since the li-pos were very light and it needed quite a lot of weight on the nose.