The P1 and FC40 are the same quadcopter pretty much so you'll be able to use the same batteries and prop guards. As for the camera, Not sure about the mount for it, but you could always Velcro it to the phantom and it'll work just fine. No telemetry on the p1 though, unless you do some modding to make it work, but I think there's tutorials out there for that. In fact, there's a thread in the FC40 forum were someone explains how to add osd.