yeah but you could upgrade the chassis to a carbon fibre one same as the FK04... plus its still got the plastic shock towers and upper deck and the bulkheads are the older style (FK04 had more material machined off the rear bulkheads and the front had the pivot ball suspension mounts removed) so this is still a T1r IMO... if anything the T1r with the tub chassis is harder to get all the electrics installed.
As far as set-up goes, shortening your motor and battery wires would help a bit, as long as theres enough room to get the battery in and out. I used to run my motor wires lower around the outside of the battery, and if theres room under the belt just in front of your battery you could run the cable from your ESC to the receiver, or zip-tied to the under side of the upper deck, keeps them out of the way and neatens it up a little.
I agree with you about this being a great car, I used to run an FK04 and it was possibly the best car I have ever owned. There's still a pretty big following for the older XRAY cars, the T1 thread on here will help you out if you run into too much trouble.