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Would a li-ion battery with about 2.4 and 120 mAh work fine with better run time?
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It would work fine, but you will get no increase in runtime or speed.
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Or what about AAA rechargable radio shack Xmods batteries (1.2V 700 mah) in parellel or one?
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Two in series will give you stock speeds with unreal runtime. But, you will be carrying alot of added weight, which will shorten that runtime.
I can't recommend any battery configuration for you as I like the MTs as they are. If longer runtimes are mandatory for you, I would suggest buying a peak charger.