Now, the plan is to give this to my kids and let them play with the same toy daddy used to, the one that fell victim to my younger years of tinkering and never became whole again. So I pulled it out of the box and slapped batteries in it, and away she went.....in a straight line only. I could hear the steering motor, but the wheels would barely move. Tore it down and discovered that the steering motor pinion gear was split. Obviously, there's no finding a factory replacement part, so rather than try to source a 48P 16T gear with such a tiny hole, I decided to just remove all the electronics except for the drive motor and upgrade it with some inexpensive spares I had lying around.
A Hobbyking ESC, a Flysky 2.4 GHz receiver, an RCS mini servo and about 2 hours later, here's what we have:



It was really a pretty simple upgrade, and aside from the short antenna, the lack of steering adjustment screw and the Tamiya style connector in the battery compartment, it looks stock:


Putzed it around a little with a 7.2V NiMH pack sitting on top, and it's definitely much peppier. The stock battery arrangement is 8 AA cells, so the OEM receiver must have dropped the voltage to the motor substantially.
Last piece of the puzzle, a Tenergy 9.6v 2,000 mAh NiMH pack, is en route, and then I get to modify the grip of the Axial AX3 transmitter to fit munchkin hands.
Anyone else ever upgrade a toy with hobby grade parts, particularly one with sentimental value?