Garth, R/C-ing the 1/48 can be done. There are all sorts of small electric motors and batteries to power them out there. Local hobby shops, or on line places like Tower Hobbies should be able to help you as most are the same motors used in planes. If you go to one of these sites, look up R/C sailboats and you should be able to find all kinds of radio gear shown there and the way they are installed.
The 1985 R/C unit should be able to be used if you did not leave the batteries in the unit all this time. If so, the batteries should have leaked all over the place and ruined the contacts. If the batteries were removed after use, the unit should be OK.
Using resin on the inside of the hull should work if the job is done slowly and carefully so as not to melt the plastic from the heat of the resin curing. The radio gear and all electronics including the motor are usually installed in sealed plastic boxes to make them waterproof. I raced R/C sailboats and scale boats for years, including a PT-109 and a diving submarine, and never lost a radio receiver due to water in the boat.
Hope that this helps you Garth. If you have any more questions or need any help, feel free to PM me.
Jim
Main WIP:
On the Bench: Artesania Latina (aka) Artists in the Latrine 1/75 Bluenose II
I keep hitting "escape", but I'm still here.