I'm currently building a home computer oriented towards light gaming, and after some research i have pretty much ended up with an identical build. Considering the value for money factor, i think your build is sufficient for your needs (still an i5 cpu -nvidia gpu, would be better for games, but for an actual difference to be seen you would have to go above the mentioned budget).
Three slight modifications i would suggest :
1) I'd suggest Corsair Vengeance (http://pcpartpicker.com/part/corsair-memory-cmz8gx3m4x1600c9) or G.Skill Ripjaw (http://pcpartpicker.com/part/gskill-memory-f312800cl9q8gbrl) RAM dimms as they have slightly better performance by what i've seen in some sites. Though i dont know if the upgrade would be of any real notice.
2) If your budget affords it, go for an extra SSD for your operating system (and maybe the game you most often play). A capacity of 128 GB would be enough (since you will have the 1TB HDD for massive storage). The speeds of SSD will really make a big difference in loading times. Check out for SAMSUNG EVO SSD. And tbh the 80GB HDD you have is of no particular use, as it is small and slow.
3)If you are interested in future overclocking, maybe try a slightly better PSU. 650W would be enough even for a second GPU. And a Gold certification would be nice (Corsair RM series are reliable PSUs, and also SUPER FLOWER LEADEX GOLD is a nice solution though both of them are a bit expensive and exceed your current budget, but if you can afford them go for it).
But all in all, your build is just fine, and will have the work done easily. Nice choice.