Tom,
Welcome back to CL. I also spent many, many years flying RC between CL stints.
For your first model, I would suggest a profile Cardinal, powered by a 40 engine. Your building ideas are fine and the absolute killer engine would be an Aero Tiger 36 from Randy Smith.
Unfortunately, that engine might stress your wallet, so another 40 should be fine. I would recommend the Brodak 40 or Double Star 40, but don't know the delivery status of either engine right now. Hope someone else chimes in here and helps.
I would go with silkspan and move away from Koverall - it's very heavy and not necessary for CL models.
For the record, I have been flying my Cardinals with an AXI electric motor, a Brodak 40, an OS LA 46, and an OS 40 Surpass four stroke. All of these combinations have worked fine. The Cardinal has a bigger wing with a swept leading edge. It's a better performer than my old Twister and can be competitive all the way up to Expert (with the proper pilot).
Hope this helps,
Ron