Well, I’m not very experienced, but it looks like you’ve been waiting a long time for an answer.
IMHO, you should reconsider about the racing. I’ve done a little bit of racing and a fair amount of solo practicing with the boat. (I’ve been out of the whole scene for several years, though.) The racing is more fun. Othewise, it’s hard to tell if what you’re doing is actually making the boat go faster.
If you don’t rule out racing, you may want to pick something that’s popular near you. There’s a one meter Soling class that seems to be very popular and it’s not terribly expensive as these things go. I think the kit is $150, not sure how much else you will need. They are pretty easy to sail.
Around my area, the US1M is popular too. They’re probably somewhat harder to sail, but more exciting. But I was a novice and still had a lot of fun with one. A document which may be useful in the construction of other types too may be found at:
http://lukas.eburda.eu/index.php?dir=1m%2F
(usually it’s also at the AMYA’s site, along with other good info, but that’s down lately)
some design files at following URL, though you may have to join the group to look at them:
http://groups.yahoo.com/group/us1mrcsailing/files/
The Mistral is a perennial favorite, and 4 or 5 years ago it still appeared to be relatively competitive in local racing. The Mistress is a modified Mistral and you will find info on both of them at the above URL. Mostly, I think, the Mistress is just a Mistral with less freeboard.
I’ll bet if you are clever and stubborn you can make a US1M quite cheaply. However, although I’ve built lots of other things, I have yet to build an RC sailboat.
The least intimidating class is the Footy. There’s a sub forum on it right hear on RC Sailing. I haven’t seen one sail in person, but I find them interesting.
Lots of other classes available as well. When the AMYA site is back up, that’s an easy place to look. I think it’s modelyacht.org
If you are in the Boston area, you might want to get in touch with the Minuteman Model Yacht club. If they’re still like they were several years ago, you will get a lot of useful advice and help.