There are some other motors that are good and cheap, I would look at these if you want to save some money:

http://www.hobbypartz.com/96m220-4475-1600kv-9t.html

http://www.hobbypartz.com/07e-c-sl-4...v-blue-v1.html

http://www.hobbypartz.com/96m801-4074-2000kv.html

http://www.hobbypartz.com/77p-lp4074-2000kv.html

Penz did a good writeup on parts he used for his budget conversion here: http://hdrcvideos.com/forums/viewtopic.php?f=42&t=21585