synphul :
I would opt for something a bit bigger. 850w+ especially if you think you might overclock. If you think you might overclock the gpu's, somewhere closer to the 1000w range. Under load a gtx 970 can pull a little over 300w just on its' own. In sli, that's around 620w which only leaves you around 130w for everything else. Usually a good idea to have some headroom beyond your actual usage rather than being right at the threshold of what the psu can produce.
In the upper range of psu power the prices are pretty similar and if you have more headroom than you need you're better off than running out and having to go get a new psu. You'll only draw what your system requires but by having a larger psu you'll ensure you have the extra power when you need it.
I'm afraid I'm going to have to disagree with your advice. Where did you see this ASUS model of 970 pulling over 300W? Looking
here they reported a maximum of 173W, and
here they report a maximum of 166W.
If you're talking an overclocked exapmle of the ASUS Strix 970, well
HardOCP reported a value of 323W for the whole system, with the graphics card being responsible for 228W. But that was measured at the wall (the input wattage), so the actual amount supplied to the card (the output wattage) would have been less than this due to efficiency losses. If the PSU was 90% efficient, we're talking about the card pulling only just over 200W.
HardOCP also tested a 970 SLI setup using one ASUS Strix model and one MSI 970 Gaming, with the MSI model clocked down to the level of the ASUS Strix. At the plug (input voltage) they measured 451W, with the cards being responsible for 361W of that. Even if the whole system was overclocked, a 750W supply would be more than adequate.
Realistically the high quality 750W EVGA PSU the OP is talking about would be fine for his Z97 setup. It certainly wouldn't do any harm to go up to the 850W model, but it's certainly not necessary, even if they do overclock.