Is this a good setup

Solution
I'd take hellfire's build but if you can afford it pair it with your original PSU choice.
The S12II is a good quality supply but it's design isn't really up-to-date anymore. Great PSU for budget builds but it just feels wrong getting a 7600k & a 1070 with it. Just my two cents, people might disagree with me.

A SSD...I wouldn't build a rig in 2017 without one.
Changed to latest gen retaining black and white theme...strongly suggest including the ssd for better performance...

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-7600K 3.8GHz Quad-Core Processor ($238.75 @ OutletPC)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.88 @ OutletPC)
Motherboard: Asus PRIME Z270-A ATX LGA1151 Motherboard ($161.99 @ NCIX US)
Memory: Corsair Vengeance LPX 16GB (2 x 8GB) DDR4-3200 Memory ($129.97 @ Jet)
Storage: ADATA Premier SP550 240GB 2.5" Solid State Drive ($69.99 @ NCIX US)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($49.33 @ OutletPC)
Video Card: EVGA GeForce GTX 1070 8GB SC GAMING ACX 3.0 Black Edition Video Card ($379.99 @ Jet)
Case: NZXT S340 (White) ATX Mid Tower Case ($61.99 @ NCIX US)
Power Supply: SeaSonic S12II 620W 80+ Bronze Certified ATX Power Supply ($47.89 @ Newegg)
Operating System: Microsoft Windows 10 Home OEM 64-bit ($88.58 @ OutletPC)
Total: $1263.36
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-02-23 01:56 EST-0500
 
I'd take hellfire's build but if you can afford it pair it with your original PSU choice.
The S12II is a good quality supply but it's design isn't really up-to-date anymore. Great PSU for budget builds but it just feels wrong getting a 7600k & a 1070 with it. Just my two cents, people might disagree with me.

A SSD...I wouldn't build a rig in 2017 without one.
 
Solution


Ofcourse GS is recommended more, bit I had to fit the budget. Do retain the GS if you can as Isokolon said.