Finished build:
Pretty stealth! And, I was expecting the geared motor to be louder than it is. It's not entirely silent, but very close.
Total time of assembly was around 2 hours, mostly due to having to solder together a harness to connect my 3 batteries in parallel, and having to run to the local bike store after popping a tube because I forgot to move the rubber liner that covers the spoke holes in the rim, to the new rim.
Acceleration is pretty similar to a 50cc scooter, and top speed appears to be around 20mph. With a 115lb rider, it's entirely unnecessary to pedal even up the steepest hills.
This hub motor does indeed freewheel, and very well at that. There's virtually no drag.
I can probably get a smaller bag. The 13.2ah of batteries take up about this much space: