Is This a Balanced Computer?

Hi folks. I'm starting to look at building a new computer for myself, and I'm primarily wondering if this current set of specs I'm looking at is balanced. I don't want to, for example, have spent extra on my GPU when the rest of my system can't really keep up and that money is wasted (like, the GPU well outclasses the Processor so the extra performance I paid for is wasted, or, conversely, some individual component is underpowered compared to all the others and needs to be improved to avoid holding the whole rest of the system back). I'm looking to use this as my personal computer for quite a few years (my current laptop is in it's 5th year of use and I expect to get more out of it), so I want it to last awhile. I want to play all current games at high settings, and be able to play any game that may come out for at least a couple of years (ideally), but I'm not able to blow thousands on gaming because at that point i might as well just buy a PS3 or something. I don't do any video editing whatsoever, or file conversion, or that sort of thing, so those GPU features aren't so important at all.

This current system spec I'm looking at sits around $950 from a custom prebuilding website (Extreme Gear). I am not adverse to building a system myself, but the cost of the individual components according to Tom's Hardware is about the same or more as buying it as a package. Here is the system:

CASE: Apevia X-Cruiser 2 Mid-Tower Case w/ Side-Panel Window & MultiMeter Display (Black Color)
CPU: Intel® Core™ i5-760 2.80 GHz 8M Intel Smart Cache LGA1156
FAN: Intel LGA1156 Certified CPU Fan & Heatsink
MOTHERBOARD: * Asus P7P55D-E LX Intel P55 Chipset DDR3 LGA 1156 ATX Mainboard w/ 7.1 HD Audio, GbLAN, eSATA, USB3.0, 2x SATA-III, RAID, 1 Gen2 PCIe, 4 PCIe X1 & 2 PCI [+44]
MEMORY: 4GB (2GBx2) DDR3/1333MHz Dual Channel Memory [+39] (Corsair or Major Brand)
VIDEO: ATI Radeon HD 5770 1GB DDR5 16X PCIe Video Card [DirectX 11 Support] [+122]
POWERSUPPLY: * 750 Watts - Corsair CMPSU-750TX 80 Plus Power Supply - Quad SLI Ready [+109]
HDD: 1TB SATA-III 6.0Gb/s 64MB Cache 7200RPM HDD [+50] (Single Hard Drive)
CD: 24X Double Layer Dual Format DVD+-R/+-RW + CD-R/RW Drive (BLACK COLOR)
SOUND: HIGH DEFINITION ON-BOARD 7.1 AUDIO
NETWORK: Onboard Gigabit LAN Network
WNC: PCI Wireless 802.11g 54Mbps Network Interface Card [+19]
SERVICE: Standard Warranty: 1-Year Limited Warranty Plus Life-Time Technical Support

The price of $950 is before buying any software, or even an operating system (which I can get at a discount through my school), though does include little things like a Mouse. I'd also need to buy a Monitor. Because of this, I'm already sitting at or very near the very top of what I'm willing to spend. if anything, I'd like to know where I went over the top. My thoughts are:

I believe the processor may be in excess of what is supported by the rest of the system, especially as I plan to overclock it. Obviously a good chuck could be saved is this is the case. I do plan to overclock whatever processor I end up with. I'm also not sure whether or not the Mobo might be somewhat excessive, this could save me another $50-80.

I believe the power supply is in excess of what I need, even if I'm substantially overclocking. I could probably save at leat $50 by dropping down 100 Watts or so, perhaps I could get away with dropping more?

I could save maybe $40 bucks on the Hard Drive. How much of a difference will I notice dropping down to a hard drive with a more standard cache/speed?

I do think I'd need to also buy a better fan that the one listed here, but the ones I'm looking at are only like $30, so that's no big issue to order separately.

Thanks for any possible advice, please let me know where I may be wasting money! If I could get this down to $800-$870 without any major sacrifices, that would be great!