I would at least have the battery sitting up in the nose and maybe the fuel tank up there somewhere too. Man that thing would be a riot in my field though!!
I'd probably throw a parachute on there as well. It'll help slow you down, and potentially bring you safely back to earth once it decides to go into orbit.
My uncle had something similar, with I think a Ninja motor on it. Solid axle in the rear pushed the front-end straight when you tried to turn. It's probably a good thing motor never ran just right....