OVERCLOCKING: No SLI OR CROSSFIRE: No(as long as my GPU supports dual monitor)
MONITOR RESOLUTION: 1920x1080
ADDITIONAL COMMENTS: 1. Just making sure the grahpics card has dual monitor HDMI support
2. Wondering whether the 700W PSU is overkill (as I'm not using SLI/Crossfire)
3. This build is focused on encoding, so parts will have to match that.
4. This is a future build, so it will need to last.
1. HD 4850 cards always has had 2 outputs. There's no single ouput one. In fact, most new cards have 3 outputs each. You may need a monitor with the correct input. For that one on ebay, it's DVI. Or you can get a DVI-to-VGA adapter.
2. The bare minimum for that card is 450W. The Litepower isn't a good model. If you prefer Thermaltake, get the Toughpower. It ain't cheap. You get what you pay for. Or look for Antec, Enermax, Fortron, OCZ, Sparkle, etc.
You sound like you're def. getting the 2 parts from ebay. Sometimes you can't. If you can't, you may be over budget. I always have a plan B. Say, I am buying a cpu, I make sure there are 2 local stores that have the same cpu in stock for about the same price.