That setup sounds fine to me, just about perfect for a fast/fun 1/8 buggy- for racing alot of guys use 3s with that setup, but that depends on your driving style and size of the track really ( for bashing, mo speed captain! )..
As long as were talking the buggy and not the truggy, it shouldn't be a problem at all. Just make sure you have some decent batteries and it should be a lot of fun.