Hi Karl,
A very basic electrical installation would require the use of a single servo to power both rudders on the Trent lifeboat, twin ESC'S to control the two motors and at the very least a two channel radio set up, one channel for the speed control (forward and reverse) and the second channel for rudder control.
However, if you intend to further enhance the model with working lights,radar and sound systems then a more capable radio set up, say 4 or 6 channel, would be required, with the small additional cost of the 6 channel sets it would be more appropriate to buy the 6 channel, 2.4 GHz sets are easy to get hold of and have better range without the crystal problems of 27 and 40 MHz.
Speed controllers are a personal choice, over the years I have standardised on Fusion Hawk 60 amp ESC'S as I have found them to be very reliable, they can be programmed for forward and reverse operation, you will need a programming card.
Brushless motors work better with LiPo batteries and whilst there are many scare stories about the fire dangers of these batteries it should be remebered that a whole host of modern day electrical equipment is powered by LiPo batteries. Look after them, charge them correctly with a balance Charger and they shouldn't let you down. I would suggest the for the Trent 11.1v 3S LiPo's would be suitable, the greater the mAh rating the better the duration of the battery.