It's compatible, yes.
The 1500X is a 4c/8t chip..... the R5 1600 (6c/12t) is usually only marginally more - and the added cores/threads would likely be beneficial in your use cases.
Ryzen does benefit substantially from faster ram (~3000MHz being the sweet spot), and dual channel (2x4, 2x8GB) opposed to a single stick.
120GB SSDs fill up fast (unless you want to spend a decent amount of time managing your storage situation) so, if your budget can stretch to it, I'd look for a minimum 240-250GB.