I would NEVER buy a cheap generic PSU. They tend to be overrated, missing protection circuits, and use cheap parts; any of these things make them prone to failure, sometimes without obvious cause, and when they die they may take attached parts with them into the fiery abyss. A quality modern PSU has full range active PFC (no little voltage switch) and some level of 80+ certification for efficiency. Seasonic, Antec, Corsair, XFX, and Enermax/LEPA are among the better brands. OCZ is hit or miss. FSP is okay too. Most Coolermaster is only a notch or so above junk.
Iirc, the cooler you've selected isn't all that great. Frostytech has the best cooler reviews, but HardwareSecrets has been doing a lot of cooler reviews lately as well.