Chris,
you will get alot of conflicting advice from here on, the best advice I think anyone can give you is to get yourself on
www.trccc.co.uk and go along to a meeting. Talk to the racers & go to the club shop.
Jimmy's reviews are VERY well balanced, the BJ4 is a great car, but have a look at some others 'in the flesh', then go back to the reviews before buying.
In terms of the electrics, there are absolutely loads of ways to go, again have a nosey around the club & talk to the shop.
You should get some good stuff for 1k which should last you a fair while.