The Mutineer is a great little boat to run in the spec 05 car motor classes. It's too small for N2 competition as it sits now.
These days, any good .21 mono can be made to be a competitive FE P mono. I'm running a 32" Delta Force Storm. There were several other monos at the NAMBA FE nats last week that ran very well. Darin ran a converted Wild Thing and a couple of the FL guys ran some fast Rico 31" monos.
The real question is how much you want to spend on a power system.
I'm running a 1521/1.5D neu motor with a Castle Hydra 240 and 4S2P Elite 4500's. This is certainly on the high end for power systems. The boat runs extremely well in the mid-high 50's without taxing the power system at all. Motor $275, ESC $255, Batteries $360. Again, not cheap but a near bullet proof system. ~$900
Another good choice would be a Nemesis/Feigao 10XL $70-$80, motor cooling jacket $15, Castle Hydra 120 $180, Same batteries $360. ~$535
There are some inexpensive chinese ESC's out there for well under $100, but I have no experience with them.
There's my .02