David's landing gear is 5/32" - that is all I ever use for Carrier planes -
All of the following mods have been OK'd by the rules or by Mike Gretz at Sig (who are the official 'keeper of the Skyray rules').
Most people mount the bellcrank externally beneath the wing anymore and put an adjustable leadout guide at the inboard tip. You want to sweep the lines as far as you can without impacting high speed too much. There is a 75 mph speed limit so there is no point in going 80 mph - increase your line sweep and improve your slow speed.
You can actually go ahead and mount the bellcrank internally and still use an adjustable leadout guide, but you can't adjust it quite as far back when it is internal.
You are allowed to increase the elevator chord, but I find that it doesn't help much - the Skyray will almost certainly come out very nose-heavy. If you are not flying too nose high, then that isn't too big a handicap. But the more tail heavy you can get it, the easier it is to fly slowly. When it is tail heavy enough, the stock elevator is adequate. If you leave it on the nose-heavy side, the increased elevator might help a little.
Add at least 2 oz of tip weight.
STRENGTHEN THE FUSELAGE - Skyrays have an annoying habit of breaking the fuselage at the wing trailing edge, even on what looks to be a normal landing (I have had the fuselage break IN FLIGHT!). I use 1/8 by 1/2 spruce top and bottom of the fuselage, full length - from the rear end of the motor mount stock, all the way to the tail. Just trim 1/8 off the top and 1/8 off the bottom and glue the spruce on before you do anything else to assemble the fuselage. Some people sheet both sides with 1/16 ply from the rear of the nose-doubler all the way to the tail. You really don't have to worry much about weight and as I said, the more tail-heavy you can handle, the better it will fly anyway.
I find the lite-ply rib and false rib system to be very difficult to build without a warp - I use 3/32 balsa ribs and use a full rib at each position, no false ribs.
You can leave the wing tips off if you prefer - that is OK'd by Mike G. at Sig. You can't change any other areas or moments (except the elevator, as noted above).
You may use an electric power system if you prefer - no limits.
Fox .36 RC engines are pretty easy to find and run just fine. Just about any 'available' RC engine is useable, though you may give up a little high speed. A 4 oz. slant type clunk tank will fit and is probably going to be plenty of fuel, at first.
In short - build a plane, bolt on an engine and go fly - it is more fun than waiting until you have 'better' equipment.