Tanks for the help gents.
Chris I probably didn't explain very well, my charger has a port that you plug a board into. On this board are sockets for a range of LiPo cell numbers so you can balance charge any LiPo battery from 2S up to I think 6S, maybe more. It also tells you the individual cell voltage so you can see that they are balanced and it also charges to a storage condition.
Also I wasn't aware of the need for an ESC that cuts power at a pre-set voltage. This is precisely why I have avoided LiPos up until now, when this model being so small has forced the issue, because I see them as so ridiculously complicated. I'm now discovering I have to charge them to a specific voltage for storage! How long is 'storage'? Give me a Nimh any day. As I bought the ESC with the brushless motor I will assume there is a cut off facility but I'll check the instructions.
Ray, the model in question is a very narrow 19th Century torpedo boat so room is extreemly limited, hence using a LiPo and a brushless motor. I've never used LiPos before as I've never needed to. A 7.2 v Nimh pack would be way too heavy and a lower voltage wouldn't give the performance.