The Mobo uses LGA775, why don't get a Core 2 duo. Even the E4500 easily beats a P4. P4's eat up a lot of watts and push out tons of heat.
And for the GFX card why not this ATI 4650 http://www.newegg.com/Product/Product.aspx?Item=N82E16814102805
performs better and more recent for only 10 more bucks.
Also the RAM is SLOW
400MHz is unheard of today at least get 667MHz. Also get 4gigs or RAM or max out your mobo if it can't support 4gigs RAM is real cheap but very important.
Why not get a 500GB drive? It'll make your PC last a while longer and your can find ones for $54 bucks.