Ok,

First the tap wrench is VERY unsafe. It is highly likely to fall of and going flying off and will be vey unbalaced. I would speak to Kenny to get a blade made.

for the speed controller and motor, make sure the middle wire on the esc(speed controller) goes to the middle wire on the motor and the other 2 can go either way round.

The red wire should connect to the red(+ or positive) wire of a lipo or ni-mh and the black should connect to the black(- or negative) wire.

for the lipo I would use a 2s (or 3s) 1000mAh like this one
http://www.giantcod.co.uk/loong-tipple- ... 04433.html

solder this connector on the ESC, but make sure it is the right way round other wise there will be a big bang!
http://www.giantcod.co.uk/35mm-gold-con ... 05070.html