It's very simple really.
An electric plane is trivial to do.
You could replace an IO540 with a brushless motor, a speed controller, and a load of bricks to make up the W&B, all off the shelf.
I reckon it would take under a week to do it all.
Might have to get a custom motor made, with a thick shaft, a prop flange, and a strong case, with IO-540-compatible mounting points.
Stick an "Experimental" sticker on it and off you go.
There's no contest.
The only issue are ................... the batteries