1. Yes it will, as long as you connect the P40 to the correct channels of the receiver (throttle and aileron in your example).
2. I understand from Bluebird that his Electronize ESCs work fine with the P40 without any incidence of earth loops, so you might be OK if you leave the BEC connected. You must NOT have it running on both, however, so disconnect the red wire from the leads of one of them like this **LINK**
If not then a 4-cell pack is neither expensive, difficult to connect nor excessively large.
Dave M