Those things are sweet, but for something like this, that adds way to much complexity I think. They are a good draw on power alone, but with added cooling for the hot side, you would still want water cooling.

I would deff recommend swapping in a Monster for sure, the MMP is a nice controller. However I wouldn't pull any more amps through it then a normal motor. Like 10th scale stuff, I'm currently putting one in a 1/8 buggy and I'm a little afraid this will be asking to much from it.