I wouldn't recommend it. The cooler will be good enough to get a decent OC, but the 8320 will be pushing the 970 chipset's VRM. If this is the system you already have I wouldn't overclock it much (maybe to 8350 speeds).
If you are just considering this board and haven't purchased anything yet I would recommend investing in a 990 chipset board such as the Gigabyte GA-990FXA-U3D or the ASUS M5A99FX. The 990fx chipsets generally have much better VRM for overclocking.