EPA stops excess servo throw, reducing the strain on the servo and the steering components. Servo throw you can then turn down to reduce the overall steering lock during a run. It can also be used to turn up/down the brakes. They are really the basics you will need to allow proper setup of the car.
Model Memory allows you to program the radio for X amount of cars.
As you got the Spektrum receivers already, it would make sense to go that route. You can get a fully functioning radio off eBay for £40 with all above settings and receviers are £10 each but it does feel cheap and tacky compared to the Spektrum. We have both types in the house and they are both very reliable.
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