I've tried using the GPS from Banggood package on Racer 250 and it kind of works. But there are issues.
First I have a warning. Actually like this !WARNING!
The VCC(+5 or more) and RX on GPS lines were crossed on Banggood GPS: RX(orange) and 5V(red). So it did not work out of box at all. I had to take the GPS out of that plastic box, completely destroying the box, only to find out that those two wires were miswired. After fixing it and wrapping GPS into thermoshrink tube, the GPS worked fine. A lot of people on Banggood complain that the GPS does not work and overheats, and this is the exact symptom you should get if you connect the mis-wired RX line to something like +12 volts unregulated that this GPS claims to support.
By the way, you first have to connect it to the FTDI or other serial port dongle in order to configure the proper Ubx output message types, just as described in the Librepilot doc. The GPS board has a backup battery for keeping the config and timebase, so the GPS is pretty good.
However, still I found it pretty much useless on Racer 250 with Librepilot. Using GPS with Librepilot requires to use the magnetometer, and the built-in magnetometer on that Revo board is useless as it picks up magnetic noise from the motor wires and Racer's PDB. The heli ends up flying sideways and straight into the ground. So you really need an external magnetometer mounted high on the mast, away from Racer's magnetic fields.
The next version of LP (is it 16.06?) should support external magnetometer in combination with external GPS. So I'm planning to get one of those Naza-protocol serial GPS/Compass and try it again. There are many clones of this unit - Google "Naza GPS", or search for it on eBay. There are combos that include a sturdy mast.