padailey, you'll definitely want a heatsink for the motor. I was running an RC Monster heatsink, but wound up turning my own that covers almost the whole motor. The Feigao motors, due to their inefficiency, will get hot no matter what you do. I have mine to a point where it will run for just about 1/2 an hour before it reaches 200*F.

I wouldn't bother too much with a fan for the motor. It didn't seem to help me much. I would just go for a 12v fan from radio shack and mount that in a way that cools the esc and if it blows on the motor too, all the better. I run my 12v fan straight off of my 4S lipo pack. Running it on the overvoltage hasn't seemed to hurt it...yet.

Everything else looks good so far.