Well, maybe I should elaborate a bit -- with the electrics, we seldom run them 'wide open', so a 300 watt setup will probably be sport flying at less than peak. To give a specific example, I have a smallish sport plane of about 360 sq. in., and I'm using what I refer to as a '300 Watt' setup - consists of a BP2814-6 motor (Kv of 1450) on 3 cells and a 40 amp speed control. It's capable of turning a 9-4 or 9-6 at over 11000 RPM, and would draw about 30 amps doing it (3 cells x 30 amp ~ 300 W). But if I turn the power down (by way of the timer) and run the prop at say 8500 RPM I would only be drawing about 20 Amp or 200 Watt. This flies my smallish sport plane on 52' lines and easily has power to fly the stunt pattern. My estimation is that a .23 gasser would probably be propped in the same range - 9-10 inch props and turn between 8000-9000 RPM. I could well be overestimating it, but better to over power and back off then underpower and have to buy new equipment.
The scale model in question would no doubt fly using a glow .10 - .12, but I think most of us would drop in a .15 - .19 and back it off, if necessary. The real problem will be, as you have mentioned, getting a scale model with a rather short nose and long tail to balance with modern engines or with electric -- I foresee a large lump of lead bolted to the firewall regardless of the electric system chosen.