I run an L3 every Sat. It works perfectly for the oval parking lot that is setup at our local hobby town. Parts are getting scarce for them, so don't break it
As far as servos go, I would purchase one that has high speed and double ball bearings. Look at the specs. We race 21.5 brushless motors in the pan car class with 2cell lipos, or 6 cell nicads. We also allow 19T brushed motors in the class. I personally use the mamba max pro and make use of the cheat mode. With out it, there would be no way to be competitive.