Our store specializes in Mini-Z cars, so I can give you a little info about them...
First off, Mini-Z's are underpowered compared to 1/10th cars, no comparison about that. They are made for more indoor and some outdoor racing, and in these fields they excel. In terms of body detailing, they are amazing. The Mini-Z's also have major capacity for hop-ups, from aftermarket upgrade motors and body parts to camber, castor, toe-in/out changes, rims, and everything else.
Stock speeds you're looking at are about 7-10 mph. Typical upgrade motors (around $20-$35) will get you up to about 25mph. There are special handwound motors available that can get you up to 40+mph, but personally I find it rather pointless to just hop your car up to maximum speed if you can't control it.
I usually tell our customers, if you want nothing but speed, go 1/10th instead, or hell get a real car

But if it's decent speeds and great handling in a smaller space you're looking for, nothing compares to a Mini-Z so far...
Okay, also regarding your specific questions...
If you are going to be racing outdoors with a Mini-Z, make sure you just have good hard tires, rear mono-shock, roll shocks, and a good H-Plate. The Overlands are pretty cool, they try to climb anything in their path. We've had a number of customers take their Overlands off-roading with no difficulty. I also recommend the PN-Racing S02 or S03 high torque motors for that extra kick.
Runtimes vary. Average is about an hour to an hour and a half for a stock motor with alkaline batteries. The new 780mah and 800mah AAA NiMHs boost it up considerably. But on the average with an upgrade motor, you're looking at about 20-30 minutes, so most people that come to our free races at our track usually have 2-3 sets of batteries for the entire day.
The controller takes 8 AA batteries, and they last quite awhile, we have to change our demo controller batteries about once a month only...and that's with letting everyone use them to test out cars
