This is what I would recommend.
Motor:
Werks B5 with 2013 pipe (Around $188 on Amain with Coupon)
If you can spend the extra $100. I would recommend the Clockworks modded Werks B5. This motor is one of the best motors I have seen in terms of power and run time and the customer service Neil offers is one of best in the motor department. We have one racer that doesn't need to pit for fuel in a 15 minute main in truggy.
I am running a Ninja JX.21 which is an O.S. Based motor. I don't have a single complaint on the motor. Clockworks does offer a modded Ninja that I would love to try out one day.
Servos:
Without a question I would recommend Hitec 7955TG's on Lipo. Hitec does offer one step above this. And if money isn't in question I would recommend the Hitec 7940TH for throttle and a Hitec 7950TH for steering, both on Lipo.
Radio:
This is going to come down to personal preference in a lot of categories. It comes with to how the radio feels in your hands, how much you want the radio to weight, etc. All the major brands, Spektrum, Futaba, Airtronics, and KO PROPO have awesome radios.
I am running a Spektrum DX3R. So far I don't have a single complaint about the radio. One of my biggest things I like about the radio is you can run Lipo straight through the receiver without having to run a regulator like some radio radios. The radio is very light, again this comes down to personal preference, some people like a light radio, some people like a heavier radio. I am running a Grid RC Drop down wheel adapter which lowers the steering wheel to about the same level as the throttle trigger. Some people find this more comfortable. You should be able to find the Standard Spektrum DX3R very cheap because there is a DX3R Pro coming out which has a couple more features. The DX3R Pro has a drop down wheel standard, telemetry, back lit screen, and a few other minor tweaks. Spektrum also has a drop down wheel adapter for the standard DX3R.