Newegg reviews (gotta take them with a grain of salt) on that motherboard aren't so hot. Seems there's a problem with the shipping BIOS. For those that got it working reliably, though, it seems overclocking is quite possible.
I'd look for a hard drive with either a 16MB or 32MB cache.
definitely get a hard drive with more cache. you can get a seagate 500GB with 32MB cache for around $70. not a bad deal. also, i would personally suggest going with an ati video card rather than the nvidia card, but that's merely a personal choice.