Sounds like a great project. You can download some plans here for foamy planes:
http://3dfoamy.com/ Just go to the plans section.
As for servos, Hitec HS-50 or the 55 are going to be plenty. Put in a 3 cell lipo battery and brushless motor (like the hacker or himax or some outrunner around the 300-400 category) and you will be having a blast! I don't think however you can do it in $50 bucks. As for reciever the Breg is great (now by castle creations) or try the somba or maybe a hitec or something. That would be a cheaper route. The RX you linked to should work but make sure you get the right shift... positive or negative for the transmitter.
keep us posted