Hi Andy
The TID is a fairly easy model to build, when the full size version was designed it was intended to be built very fast by small engineering companies many of whom had never built boats before, many were built for the navy during WW2.
The design has a flat bottom and very easy curves.
Servos: Are the little electric motors that are activated by the radio signal, they come in black boxes usually with a small arm on top.
The servo is used to turn the rudder or to control a mechanical speed controller or any other function on the model that you want to move.
Speed Controllers: These are either mechanical or electronic and are activated by the radio signal they are used to regulate the speed and forward/reverse action of the electric motor.
600 size: Refers to a size of electric motor, most manufacturers build a motor of this size but they might call it something else.
For a better idea of what is involved you should buy a copy of Model Boat Mag it is packed full of great tips and advice.
Hope this helps.
Paul