If you go with LiPo then you will need a LiPo compatible ESC, one with a power cutoff because LiPo batteries need to be taken care of. You should probably get a charger with a temperature cutoff because they can catch fire, also always wise to carry them and keep them in a LiPo fire bag. If they completely run out of charge, you can't recharge them. I haven't heard of NiCad batteries used in a while. NiMh are the usual these days.
The stock motor is good but depending on what class you are running in you can upgrade it. If that is the case then the ESC should also have the capabilities to run brushless motors, there are bigger and more powerful brushed motors aswell which would cancel that out.
The radio you have selected looks pretty good. Perfect for what you want actually. The screen might be a little difficult to get used to but from my experiences FlySky have been very easy to use. Very similar to what i have. I have a 2 channel version without the LCD running my nitro buggy. I don't need more than 2 channels for that so it does fine. Great prices on both the radio and car but as both simon and i have said, you need to buy an ESC separately. If you want to get the best, have a look around for Castle Creations. They can be expensive but believe me, they are worth it.
Cheap option:
http://rchobbies.com.au/store/product_i ... s_id=74562More expensive option. Don't know if it will be compatible with stock brushed motor though:
http://www.horizonhobby.com/products/sv ... 0011500#t1Take a look at this site. They are pretty much all you need to know about it:
http://www.rc-mini.net/joomla/ the section on the M05 is really useful. These guys travel around australia with the rc mini nats.