how does this budget build look?

Looks good. Mobo Id like to suggerst get asus orgigabyte. You can use B-75 mobo with xeon.
Gigabyte M D3H is good reliable mobo like this http://pcpartpicker.com/part/gigabyte-motherboard-gab75md3h
Or this. http://pcpartpicker.com/part/gigabyte-motherboard-gab75md3h

Then that psu in that case. it is not so good. This lot better.
http://pcpartpicker.com/part/rosewill-power-supply-capstone450

So I made whole build.
PCPartPicker part list: http://pcpartpicker.com/p/1DbDv

DVD is missing and cpu cooler.

Goodluck :)