if you are rookie you will probaly not want a 7.5 mod motor.

For a speedo, try the Speed passion Granturismo, it comes with a little programming card that you hook the esc servo wire to to program the esc. no more flashing lights! and it is so easy to do, I used to not bother with stuff like drag brake etc. cus they took to long, but now they take less than one min from point of connection to finishing programming. This speedo is compatible with pretty much all motors (sensored and sensorless) except for like 2.5 turn ones.

I would get a Orion 3400 race spec lipo. it is a good choice for your first lipo.