You need to either spend more on the motherboard for an overclockable Z87 motherboard, or ditch the "K" series processor and the heatsink and just go with a stock i5.
I wouldn't recommend less than an i5 for a gaming system. The motherboard you chose with an i5 4440 or 4670 etc would be a good option and save you a few dollars.
You could save 5$ going to DDR3 1600, but I would stay with what you got personally.
If you really had to cut cost right now, you could consider dropping your GPU to a radeon 270/270x. I will play most modern games a mediumish settings. You will have to upgrade the GPU in a few years anyway.