This is a used Smart-Fly PowerSystem Sport Plus
It is an all-in-one unit for 40cc-85cc gas engine aircraft using lithium-ion or lithium-polymer battery packs. The unit has a built in, fixed 6.0-volt, 5-amp continuous regulator that can supply up to 15 amp momentary peaks. The unit supports dual batteries and has full battery protection where if a battery pack looses a cell or shorts it will be isolated and the good pack will continue to power the plane. The unit also supports an optional failsafe switch which, when used, reduces the weight versus using two heavy-duty switches. The unit also has a built-in Ignition Cutoff unit for the gas engine electronic ignition. A jumper selects the Ignition Cutoff receiver channel by jumpering the receiver channel to the Ignition Cutoff control input. The unit has a filtered 5.0-volt, 1-amp regulator for the receiver, which is separate from the servo regulator. This provides extra protection for the 2.4GHz spread-spectrum receivers. The unit has full RF filtering built in on the receiver and servo connections. LEDs show the status of the servo power and the receiver power. All servo signal outputs are fully buffered with line matching to drive long servo leads.

would this work with 2 123 batteries 1 receiver 8 servos and engine kill 85" Ultimate

I am not sure if it will work with A123 LIFE batteries. Smart fly states it should be used with 2 cell lithium batteries. Those are 7.2 to 7.4V. It should work fine with the rest of the setup.

I did some testing with a 5 cell NiMh and a 2 cell lipo and had the following results. 5 cell Nimh voltage was measured at 6.39v at the battery and 5.88V from one of the servo ports on the power board. The liPo voltage at the battery was 8.28V and 5.88V at the servo port. So input of 6.39 V and 8.28V resulted in the same output of 5.88V

Yes it will.

Mine works just fine on LiFe batts

Thanks for the input