The build is compatible - PCPP includes a compatibility check. You shouldn't have any issues there.
Any motherboard shipped today should have the BIOS revision to allow use of the CPU.
As far as whether it's the best use of the money, that's a different question altogether.
What are you planning to use the build for?
A few points:
1. Your CPU is on a 'dead' socket, so upgrading will be somewhere between pointless and marginal improvement.
2. 16GB is generally overkill for most people. Unless your rendering/editing or a couple of other tasks (at which point you shouldn't be looking at an AMD chip) you'll never use it.
3. The PSU is Tier 3
http://www.tomshardware.com/forum/id-2547993/psu-tier-list.html and really not the best.
Tier 1 or 2 would be ideal