Yes, the GTX 295 will work in the motherboard just fine. No worries at all. You just can't run 2 of them in SLI.
Honestly, in most cases, it is better to have a single, more capable video card/GPU than a CF or SLI configuration. There is an issue called micro-stutter that causes many multi-GPU config users a lot of trouble. And, then there is the additional power required and heat/noise generated by the additional video card/GPU.