I think it's fine for now, assuming that you've done a decent rewire (i.e. using silicon 18AWG wire, replaced switches, heatshrink, no flailing loose ends, connector is rated) and that the battery is specced well.
Chances are the stock motors with their metal brushes will burn out after some time (in like a year, maybe?), but that's no big deal, replacing those is usually reasonably affordable.
Just to be sure though, what battery is that? Do you perhaps have a more accurate part number/name? I'm guessing it's nickel, which should be fine, but there's always the fear that you're using an underspecced lipo (in terms of current draw), which can cause problems.