No. Well, not in my opinion, assuming this is to be a gamer.
First of all, recent benchmarks and reviews show that there is no longer any price point (even the low end) where Intel does not outperform AMD in games. To bring an AMD CPU to parity, which is sometimes possible, requires a level of overclocking that will suck down a lot more juice and create a lot more heat; you'd need to add an aftermarket cooler.
Second, unless that Ultra PSU is 80+ certified, I'd assume the worst about it. Ultra has not enjoyed a stellar reputation in PSUs. A quality modern PSU has some level of 80+ certification; it's not just the efficiency, but that it was tested at 100% of its label. Though at the unrealistically low temperature of 23C, that would still kill a junk PSU. You'll only need 380W-450W for a build like this.
Third, I don't recall the GTX550Ti being a particularly noteworthy performer. A HD6850 or HD7770 would be visibly better, or even a GTX560; but note that the GTX560 needs two PCIe power connectors.
I'd take a look at this quarter's $500 SBM article for a good place to start on a budget build for playing games. Note that the Antec VP-450 they used is probably the only non-80+ PSU I'd consider buying. Competent technical reviews have shown that it is a solid performer, efficient enough for 80+ but disqualified because it doesn't have Active PFC.