HI Timfedup
The 540 motor is generally 35mm diameter with a 3.175mm(1/8") shaft.
Depending on the speed you require, the Hobbyking 3639-750kv or 3639-1100kv.
These have a 5mm shaft, so metal uni joints from Banggood are cheap and strong.
Note the brushless motor are far more powerful than the 540 motors.
The 3639-750kv is 600watts and the 3639-1100kv is 800watts.
The 540 is about 90watts !!!
As for ESC's I use the Hobbyking car 60Amp (part no, HK-60A SL) with the program card.
It handles 2-4S Lipo batteries and has an on/off switch, also a cooling fan on top.
I would go with a 3639-750kv on 3S 3300mah Lipo (part no.9067000038-0) weight 288grams(139 x 45 x 24mm) XT-60 connectors, 60 Amp car ESC(91 grams).
Start with the same prop, but, a 2 blade 40mm or 3 blade 37mm works great on both size motors.
I am using the 3639-1100kv on 3S with the 2 blade prop in my 34" Sea Commander with great results.
Canabus