You should be fine. I checked D3 system requirements last week to verify my own setup, which was adequate, and your proposed system is better than my own.
To answer your other questions, yes I believe using a liquid cooling system would be overkill given your component list. And, unless you wanted to upgrade your video card with the price difference, I wouldn't change the MB choice. I'm by no means an expert though so more knowledgeable people can chime in.
Whats the total on the above build? I would add the DEFAULT CASE FANS since you are reducing the CPU cooler a bit. its only $9 and should help a little.
Its as barebones as its gonna get. i assume you can add parts from newegg in the future as your budget warrants. The PSU would need to be upgraded as soon as possible, their XTREMEGEAR brand is junk and can fry a whole system. get a corsair for mid to high quality or coolermaster for mid, raidmax, for low-mid. xtremegear i would dump in the ocean.
after that just upgrade the GPU as need and OC it.