What Jet said ! LOL. And you don't have to cut the red wire. Just take an exacto knife and let the tip slip under the connector. Raise the plastic up slightly and pull the red wire out. Fold it back and tape it so it's out of the way. You can re-plug it later if you need it for something else.
Personally, I'm excited about the Shottky diode on account of the redundancy but a good UBEC is far better than the cheapo linear bec's that come with a lot of esc's.
Hey, welcome to WF !