I think you have way, wayyy too much battery and motor for a model of that size.
The 4-40 was intended for a 40-52 glow motor. The Power 60 is a 60 size (1700W) electric.. so far too big and heavy. A 800-900W power system would be tons of power along with something like a 5s battery in the 2600-3000mAh range.
I'm a great believer that you can never have too much power, but you certainly can have too much weight. You need a much lighter power system. You can move stuff around as much as you like but that wont make it lighter.