Here are my thoughts on your initial parts list.
For the CPU/MB, there's no reason to get a "Z" (Z170 or Z270) motherboard if you do not plan to overclock and/or use an unlocked CPU. Unlocked Intel Core CPUs are usually denominated by the "K" suffix (as in i7-7700K or i5-6700K). The one you chose (i5-7500) is NOT overclockable, so, you are paying too much for a motherboard with features you can't use.
My suggestion is (if you do not plan or want to overclock) is just to get the "H" (H110, H170 or H270) or the "B" (B150 or B250) motherboards as both these series does not support overclocking the CPU.
In short:
Want to overclock? --> Get an Intel Core "K" CPU --> Put it on a "Z" MB
Don't want to overclock? --> Get an Intel Core "non-K" CPU --> Put it on an "H" or "B" MB.
Now, there are currently two readily-available series of Intel CPUs -- the older 6th-gen Intel CPUs or "Skylake" and the latest 7th-gen Intel CPUs or "Kaby Lake". These two generations of CPUs can be plugged in the same socket type, which is the LGA1151. These socket type appear on two-generations of motherboards as well. The motherboards that were released during the 6th-gen Skylake CPUs are the Z170, H170, H110 and B150 (notice the "1"s), while the motherboards that were released alongside the 7th-gen Kaby Lake CPUs are the Z270, H270 and B250 (notice the "2"s).
However, as you can see in the Compatibility Check in your pcpartpicker list, some 6th-gen Skylake motherboards (like the Z170 you selected) which were released PRIOR to the 7th-gen Kaby Lake CPUs (like the i5-7500 you selected) *may not* be compatible when used out-of-the-box. Thus, a BIOS update *may* be needed for that motherboard. Since the old motherboard is still being produced AFTER the release of the new CPUs, there *might* be some that already has an updated BIOS out-of-the-box. To eliminate this uncertainty, it's better to just pair the two generations of CPU and MB together.
If you decide on getting an unlocked CPU ("K") and decide to overclock, you also have to add some more budget for the purchase of a good-quality CPU cooler (either Air Cooler or Liquid Cooler).
For the PSU, your initially-selected Corsair CSM is not the best out there. Although the 550W can supply your rig built around a GTX 1060 GPU (or even up to a GTX 1080 if you want).
The GTX 1060 is a good card for 1080p-resolution gaming. The GPU will also largely depend on which monitor you have (or which resolution you want to game with). A better price/performance compared to the GTX 1060 is the AMD Radeon RX 480. If you want more juice and thinking about 1440p-resolution monitors, then a GTX 1070 would be a better GPU for that.
You can used those old/existing SSDs and HDDs as you like it. You can always add or replace that easily later on.
Here's my suggested build for a ~$1500 price range:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Core i5-7600K 3.8GHz Quad-Core Processor ($325.00 @ Shopping Express)
CPU Cooler: CRYORIG H5 Universal 65.0 CFM CPU Cooler ($69.00 @ PCCaseGear)
Motherboard: ASRock Z270 Pro4 ATX LGA1151 Motherboard ($185.00 @ IJK)
Memory: Corsair Vengeance LPX 16GB (2 x 8GB) DDR4-2133 Memory ($149.00 @ Centre Com)
Video Card: Asus GeForce GTX 1070 8GB Dual Series Video Card ($575.00 @ Shopping Express)
Case: Phanteks Enthoo Pro M ATX Mid Tower Case ($109.00 @ PCCaseGear)
Power Supply: Fractal Design Edison M 550W 80+ Gold Certified Semi-Modular ATX Power Supply ($109.00 @ Mwave Australia)
Total: $1521.00
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-02-27 16:13 AEDT+1100
Hope these suggestion helps!
Facebook
Twitter
Instagram