Thanks for the kind words all. Lets just hope the foam version looks like the model.
Ahoy Erospace!
I am by no means an expert, I am sure there are far more knowledgeable people out there on this subject. That said, they are not magic.

They just use their power in a different way than a larger prop. Just like any other propulsion system, your thrust to weight ratio is going to be the key factor. The more thrust you have available, the more forgiving and easier the aircraft will be to fly.
Hopefully the manufacturer gave you some information about the EDF you are looking to use. They like to give you unrealistic numbers, but if its pulling a lot of watts chances are your thrust will be good. I like to take the manufactures numbers and reduce the output by 25% right from the start.
I have never used a 40mm. Past experience with 70's through 50's makes me kind of cringe at the thought of a 40mm, but if you throw enough watts at them and I am sure it would work. Do you have some picked out already? I did a quick search for 40mm EDF's at my regular shops and I did not find anything. I found a few through google, but they were very sketchy on the details. My gut says stay away from those.
Static thrust is probably going to be REALLY low on a fan that size. Hand launches will be a bit tricky. You can always use some kind of assisted launch system. Once you get past the launch and up to speed you should be ok. The only other concern you would have is drag, but the air frame you chose should not be an issue there as you can not get much cleaner than that.
Keep your speed up and your altitude high. Gravity is a free source of energy you can use when you get into trouble. Until you hit the ground that is. ;P Try to keep your build light and as clean as possible. Stay smooth on the sticks and the acrobatics to a minimum and you should be good.
Sorry about the rambling on. I do that sometimes. Hopefully some of that information helps a little. If it was me I would go with a 50mm, but a good 40mm should work as long as the watts are there.