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Do you really need dual motors? That's a lot of unsprung weight and you can easily get enough power out of one motor.
You might want to look into running motorcycle tires and rims if 40mph is your goal. Many guys on Endless Sphere do that on high speed bikes.
What kind of range do you want? That and the peak power draw of your motor will determine how much and what kind of battery you'll want. If you don't need much range and want a small battery, you'll need something that can handle a high C-rate like hobby Lipo. A bigger battery won't need to be able to as high of a C-rate and gives you more options.
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