Hi Pete,
Welcome. Yes, personally I like wheelpants also. Don't see any way to get around cutting the fabric to install (factory method) the compression tube motor mounts. As for the P-tips I've heard of no failures with small cranks and a number of guys are currently using them. The wood P-tips weigh several ounces less than the stacked Bi-props and turn an approx 800+/- rpm slower. Personally I'd be looking to add the J-struts. Very little weight gain for a huge increase in strength. The doubled outer wing attach fittings definitely give piece of mind. Could you get along without J-struts...absolutely !
http://www.lazair.com/files/Lazair%20Jury%...izer%20kit1.pdf
http://lazair.com/forum/index.php?showt ... ury+struts
The CDI is definitely something to look at. I plan to try them out myself. From the reliability standpoint they make perfect sense as the point ignition can be really problematic. I've yet to be convinced however that there is any real performance increase with the CDI. A few reports from people on their CDI conversion contained mention of "carb adjustments" that were not in line with the normal long-established tuning process.
Pic: Same engine being tested with a Carbon P-tip. RPMs 5140