RacerDex,
It will be pretty hard to convert an M chassis to a 4WD setting.
You can try bolting another M chassis front end onto the back... and convert it into a 2 motors mini... but I don't know how that will change the wheel base... and no bodies might fit on the car after the modifications.....
With regards to the Novak Dually speed controllor, you shouldn't have any problems running modified motors. From memory it can handle up to 400amps of drive current... so you can stick any motor into your M-Chassis... it should be able to handle it.
Hope this helps.
Skylineboy