Yes it would. The most the system will utilize even with a mild overclock would be in the neigbourhood of 325-350W ish.
I personally would go with a stronger PSU such as: Antec Earthwatts 500W 80 PLUS BRONZE
69.99 (don't forget a power cord!) PC Power and Cooling 500W 80 PLUS BRONZE
64.99 (+$20 MIR!)
But by far the best choice in my opinion would be: Seasonic 550W 80 PLUS GOLD Fully Modular PSU