Other than the power supply, everything else looks good?
For the budget, all good.
If you can spend more, spend it on a better graphics card, that card is the minimum suggested for 1080p gaming. Still a good card for the money though.
Overkill PSU, other than that you seem all good.
You can get a smaller PSU and get 1866MHz RAM instead.
Even for overclocking? Would a 500w do?
Jip technically a 500w will do, unless you plan on SLI later, but get a 550w JUST FOR INCASE of future upgrades.
Besides, there arn't any really good 500w PSUs available.
This one is probably the best option for the price. http://pcpartpicker.com/part/ocz-power-supply-ocz550fty
Other than the power supply, everything else looks good?
For the budget, all good.
If you can spend more, spend it on a better graphics card, that card is the minimum suggested for 1080p gaming. Still a good card for the money though.