That should work, and even if it doen't, it's only $1.49
. I don't really see and reason for the extra cells to blow anything up (although the extra voltage is possibly dangerous to the esc, I haven't had any problems at all) and the red wire is attatched to the contact where the negative side of the battery would normally touch (its a little spring). The electrical tape shown is to block the current between the negative side of the battery and the red wire.