Herrsavage pretty much nailed it. To piggy back on what he said....

Yes Losi is still SAE hardware.
It does use hump packs but if you are running HV servo's, get a LiPo RX pack.
Engine choice will be dependent on your budget and knowledge of nitro motors. If you are new, the B2 would be perfect. If you are experienced, then you will want to get the best one to afford. No sense of spending $400 on a motor if you are not savvy on tuning and going to possibly blow it up in the first gallon or so. ( we have all done it, rookie and pro so don't let that discourage you).

The 8T 3.0 is an awesome kit. If you are not to familure with Losi, you will enjoy the build. Just take your time and follow the manual. Take a look at Casey Peck's build up with pics thread on here somewhere. Yes its for a buggy, but everything he does also applies to the truck as they are exactly the same as far as building goes.

Have fun and welcome back to the addiction.