sweet! I did the same thing once. just like you have it there, but I disabled reverse on the esc and ran a ''y'' connector to the brake servo, this gives you the standard throttle/braking procedure with out having to hit the 3 channel.

link>
http://www3.towerhobbies.com/cgi-bin...?&I=LXPWA6&P=0
How do you like the 7xl 540c? there a hard to get/not very popular motor. But I like mine, every one opts for the cheaper 7xl 540.