Amperial - good one!
I really can't say much about motor wattage - you never know how this were determined, any motor can show a high wattage capaility - for 1 or 2 seconds! I think it is the statistical analogy to using HP numbers for IC engines - ie, of uncertain value.
I try to start with the prop and work back The R.I. was designed for a 35 size engine, most likely turning a 10" prop - and struggling a bit to get the job done. Today that airplane would be powered for an 11" prop. So that is the baseline for the electric.
I had a 3530 in a 50 oz airplane turning a 10" prop. It lasted til the 4-leaf clover, after the first loop there was a screech and that was that. Cutting to the chase, the 3530 is good for up to a 9" prop, the 3536 for 10", and the 3542 works great with 11". Get one with a kv in the 900-1000 range, put it on 4S and go commit aviation!
BTW, Turnigy uses exterior dimensions, if you were to cross ref to Arrowind, AXI, Cobra, etc, their szies would be 2810, 2815 & 2820 (give or take a litlle)
The R.I.'s were famous for coming out heavy - yours actually sounds lighter than most! If you can do the strip/refurb without getting heavier I think you will be OK. I suggest that you try to notch out the LE about 1" deep to provide a little more room for the Lipo...