Uck, PSU questions. The reason that I say this is that everyone has an opinion and there seems to be no right answer, just better answers.
Also, the question should not be "Can I get away with it" but rather, "What size PSU will put me in the wattage range appropriate for this machine." There so many variables affecting power delivery systems that it is very difficult to determine exact limits.
Capacitors suffer when they are over-taxed and also when they are under-loaded. This affects both the lifespan of the PSU and it's power quality. The general rule of thumb is that you should run them in the 50-75% range of max load. No way of doing this capacitor by capacitor so you use the peak power rating of the PSU to match against the load. By doing this you protect against transient peaks in the power draw while not under-loading the system.
Depending how you estimate (again everyone has an opinion) this system will draw in the 245-265W. If we use 255W as our load then our PSU peak power rating should be in the 340-510W range. As jankerson points out, this is a cheap PSU with only 300W on the 12V rail. Could you get away with it.... yeah. Do you want to with that cheap PSU...............depends on how much you fear having that PSU fail and take the rest of the computer with it.
One last point. PSU's age, they can easily lose 20% of their capacity in a 5 year span.