You'll be disappointed with the performance if you use only a 540 on 7.2v, irrespective of the prop size. If you don't want to go down the brushless motor route then I would recommend a Speed 700 BB12v motor, running on 10 Sub-C NiMH cells or a 3S LiPO, with something like a 40mm 3-blade prop. **LINK**
DM