All the components seem well balanced. That mobo and G31 chipset should be able to get your e5300 to 3.4 GHz. With the faster bus (13 X 266 - 1066 fsb) you will notice the difference as you do your photo editing. The 33% speed increase will lower your rendering times by about 25%.
Maybe someone with overclocking and photoshop experience can post the math, please?