The ESC is for planes and I am not sure if it will work for a car. It will need a separate BEC or receiver pack since it does not have one built in. You would want something more like the following. I haven't owned either one, but they are built for cars.

http://www.hobbyking.com/hobbyking/s...dproduct=14635

http://www.hobbyking.com/hobbyking/s...dProduct=10370

The motor might work, but it is a little on the small side for 1/8th. The following might be a better idea.

http://www.hobbyking.com/hobbyking/s...dProduct=14632

The battery you are looking at appears to be a good match for your application. The rpm ratings on the motors should work on a 4S LiFe battery.