IRBB,
Start by looking at the relative weights:
OS FS40S is 12.5 oz.
OS FS30 is 9.56 oz.
OS FS26S is 9.45 oz,
OS FS20 I don't have the weight
Veco .19 BB is 6.2 oz.
Veco .19 is 5.6 oz.
Cox .15 Medallion is 4.24 oz.
The Peacemaker is not a very large airplane. If I recall correctly, George wanted something to fly on a .15 diesel. The front end is not very long, and will not take a large tank. So no thirsty engines, else expect a bit shorter runs. The four strokes have an advantage there, but....
Don't look at the heavier engines as "just adding a few more ounces that I can take back out of the airframe." The heavier engines you are considering just about double the weight of the engine. The only way to balance properly is to add weight to the tail. So for another 5 oz. in the nose, plan on adding 1.25 oz. to the tail. So your weight went up 6.25 oz. If the plane weighs 28 oz. normally, then you just increased the weight, and the wing loading by over 20%. You are not going to "get that back out" of the airframe. Quite the opposite, the larger, heavier, more powerful engines may require more structure up front to keep them attached.
Not sure which Veco .19 is shown on your plans, but the .19BB (ball bearing) has plenty of horses and to spare to fly the Peacemaker. Anything more and you are just screwing around, which can be fun, but it isn't going to match the airframe and perform well, in my opinion.
I can't imagine a 40 of any type in the Peacemaker unless you just want to go fast and level--and with a ton of tailweight. Which entirely defeats your notion of building one light. The 40 will make short work of a significantly lightened airframe. And, you will undoubtedly have to widen the whole thing just to try to get it in.
So you have to decide what you want to do with it. And, in general, sticking closer to the way the original was built and fitted carries less uncertainty. Yes, engines have improved very significantly. But you may not need/want the extra power, and you have to find a way to manage it. Control line stunt and sport flying is very different from R/C. We never run the engines balls to the wall. Only the control line racing and speed guys do that. And we don't do it with Peacemakers.
Weight has not changed over the years. Too heavy is still too heavy.
Have fun, whatever you decide.
Divot McSlow
PS--I have a Super Combat Streak, which is not much different than a Peacemaker. I flys fine on an old-school OS 30S for power. It just burbles along rich. I also was gifted--and rebuilt--a Jr. Flight Streak. It was equipped with a wire hook to tie on a streamer. With big lead weights attached. And the nose was cut out for a 40. I cut off the hook and rebuilt the nose for a McCoy .19. It flies fine for what it is. Biggest problem is again the limited space for a fuel tank.