Maybe look at the i5 4440, it's on pcpartpicker showing for 168. If you are gambling type of person with your budget, you might look on ebay for a video card. I got a radeon 7950 3gb card on there recently for 116 shipped. Used card, but works great. Ran a full 3dmark demo on it, and have put in a few hours of AC Black Flag and it's fine. Should be somewhere between a 270x and 280 in performance.
In fact, here is the exact card I bought from the same guy. I can't say how your experience would be, but the card I got works great. You can tell it's a used card, but it functions fine and plays games which is what you want. The guy has 100% feedback and seems to sell a lot of parts, so he should be semi reputable I suppose.
http://www.ebay.com/itm/Powercolor-Radeon-7950-GDDR5-3GB-PRICED-TO-SELL-/251777152279?pt=PCC_Video_TV_Cards&hash=item3a9f167517
Only other things, if you can find a gigabyte or Asus board for similar price to that Foxconn board, I would try to grab one of those instead. Just my preference. The last thing, maybe consider going for 8gb of ram in a dual channel kit if possible. Looks like partpicker shows kits starting about 58. If you did the used 7950 or similar, i5 and 8gb of ram, that sounds like it would about max you out and give you a decent rig.
Also, on those 7950's, at least the one I got was the powercolor radeon 7950 pcs+ in case you want to see reviews. But the one I got was a factory overclocked card I think. It runs at 880mhz vs the stock 800.