The HD 2900Pro is power hungry, look for an HD 3850 instead, similar performance, but uses much less power and runs much cooler.
If you are overclocking, try to get an Intel build going, they are much better for overclocking at the moment. A GigaByte P35-DS3L and a Core2Duo E4500 or Pentium Dual-Core E2160 would give you much better performance, especially once overclocked. You would then swap the Freezer 64 for a Freezer 7(the Intel version).
As for power supply, thermaltake is weak, you can pick up an Antec NeoPower 500W for $50 after rebate, which is a much better quality unit. They have the same amount of +12v power combined on their rails, so the Antec will provide as much power to the main parts of your system as the Thermaltake could, and will be higher efficiency.
^^^ Seconded. Overclocking king is Intel. I still have my 5000+ black in my family pc. That's it for me from AMD. E8400 is the best x2 overclocker at around $200. My 5000+ o/c'ed to 3ghz can't touch my stock e8400 at 3ghz. I am gonna o/c this mofo to at least 4ghz for 24/7 operation. Next best thing would be Yorkfield - the 1333mhz fsb quads.
Option 2 will be faster, even with less Cache, the Core2 architecture provides better clock per clock performance compared to K8, and can easily overclock to higher speeds on less cooling. People report doing 2.8-3.0GHz on stock cooling for the Pentium Dual-Cores.
apparenlty even 3.4 / 3.5 if you're lucky, and i saw once 4 ghz with liquid nitrogen...
take option 2 - the 2160 ought to get you 3 ghz easy
And that coming from someone who's name is amd_fanboi, it's good to see people giving good advice rather then choosing sides and sticking with it no matter which performs better.
I hope ATI and AMD come back, I have a secret ATI fanboy inside me. I don't always recommend them, but I always have a secret desire for them to be on top again.(even though I have a 7900GS and love it)