Thanks for the reply. The build that you suggested seems to be decent.
Everything seems to be fine except for the following-
1] For the time being HSF is not required. It can be added later.
2] Asus monitor has speakers which are not required (as i've a 4.1 speaker set) and 5ms response which is more. A 2ms response is more desirable. So any other options are welcomed.
3] For the HDD, as you said "There aren't any decent SATA III drives out yet. At least not ones that acutally use SATA III speeds.", I can settle down for a 1TB - SATA 2 - 64MB Buffer HDD for now & get a new one with SATA 3 interface at a later stage.