That all looks good. But, if you're going for Windows XP x64, make sure all the hardware you buy has compatible drivers for x64. And, make sure the software is too. Because, some software uses drivers, like Roxio, and Alcohol 120%, which are incompatible right now.
As of now, it's probably a better idea to stick with XP Pro 32bit. Unless, you're sure everything is fully compatible. I had x64 on my laptop for a little while, but they didn't have compatible Wireless drivers, and the sound would pause every so often, for a second or two at a time while playing MP3's. Plus some of my software didn't work. So... I'm back to 32bit XP Pro right now.
That computer looks close to what I'm going for. Except, I want a Dual Core 64. Only thing holding me back is I gotta use the money for college right now, so I can't build one.
Oh, also, Make sure that 350 Watt PSU is enough. My 300 Watt is kind of pushing it sometimes, for my PIV 1.8ghz, but that's mainly because I have everything you can think of, almost, running off it.
I'm not sure of the power requirements of the Graphics card, nor how much total would be recommended for all those components.
2GB of ram is a lot. I mean, more is always good, but normally you wouldn't need that much. But, hey, I'd do it if I had the money.