I was actually going to ask a very similar question. What about moving the electronics to a smaller racing/speed quad frame? I have the EasyDrone from a KickStarter campaign coming soon and that will take the roll of slow aerial video quad, so will want something else to do with the FC40 electronics. If someone else has tried this I would love to find out the results, otherwise I'll post them when I get this done.
Thanks y'all. Hadn't thought about the kv of the motor (pretty new to the hobby), so you're right, probably not going to be a set up for speed. May have to change motors for that. But once my new quad comes in I'll probably buy an inexpensive frame that allows for 9 to 10 inch props and see what happens. Will post back with results, but likely will be a few weeks later as I don't even have the EasyDrone yet.