The orginal boat had a steerable outdrive and ran on 6-7 cells didn't it? Hard to find any info on them now.
If you go for a 700BB or 700SC, you will need 12 cells, so you'll need to check if there is room for that with the stock driveline. I'm not sure, but a 700 motor may even be too much power for the stock driveline. It is a pretty big boat - way too big for the power Kyosho originally gave it.
If you want to keep it as close to orginal as possible, get some sort of high torque 05 motor or Graupner speed 600, and build the boat as light as possible. A relatively torquey motor (such as a high-wind monster truck motor) will help to run a decent size prop to get it going.
Paul (posted above) or Steven at Offshore Electrics might be able to help you further with motor choice if you don't go for a 700 motor.
For an ESC I would go for the RC-Hydros 6-12 cell 60A version. If you run below 8 cells, steer clear of the Astro 212D, it says it will run on 6, but mine never did.