Does anything ABSOLUTELY need to be changed about this? Or should I be just fine with this build?
SYSTEM USAGE FROM MOST TO LEAST IMPORTANT:
Video editing, gaming (Playstation 1+2-era emulators and Diablo 3), general use
SLI OR CROSSFIRE: Maybe
MONITOR RESOLUTION: 1024x768
BUDGET: ~$1300 - 1700
ADDITIONAL COMMENTS: I'd like it to be quiet and not eat up a hellacious amount of power. Don't want to have to add more than a few fans. Not willing to mess with water cooling. Probably won't upgrade most parts for 4-5 years; my current computer lasted 8 years and I'd like another one that will last me for about as long.
As for a PSU, if you ever want to have the option of adding a second GPU, go with a Corsair 750TX. If you don't, consider a lower wattage Corsair.
I also recommend the Cooler Master Hyper 212+ for cooling, even though they're so popular lately that Newegg raised the price $5. It outperforms most everything, even those $80 V12's and Peltier coolers.
I'm not up to date on what exactly XP Mode is needed for. But you can run things in compatibility mode (XP SP3 if I'm not mistaken) on Home Premium. But I suppose if he has to have XP mode, there are workarounds and ways to install it on Home Premium, like what you see in this link.