vanity, I know you said you want to keep the motor, but it could cause a headache for you, however, esc is electronic speed controller, you need one of these, it gives the proportional throttle signal to the motor (in basic terms!), I use in my Aerokits Fireboat an electronise 35amp, with reverse, not all esc's have reverse. However, before you buy anything, get on the fireboat website, look at all the setups, decide what you want, My set up is purely for speed, so I have components for that job, you may decide thats not for you so we can advise what to get accordingly, as for ballast, this hull does not need it, its a very narrow hull and once you have all the running gear in weight will be the enemy as the rear sits quite low and can be swamped very easily if care isnt taken when reversing.
Where are you located?