Well i think you are better of with this setup,
Intel P4 3.2GHz 800FSB +HT
Asus P4C800 Motherboard [based on 875P chipset]
1 GB DDR400 RAM which shud be configured in Dual Channel,Transcend is the best bet.
Settle for XFX GeforceFX 5700 Ultra GDDR3 128 MB.You mentioned that you want to work in grafix so Nvidia card is better as their Opengl performance is better.Or you can go for a very basic Quadro level card.
2 x 80 GB Seagate SATA Drives configured in RAID 0.RAID will hel a lot.
Monitor:Vewsonic E71 17" -- > very good choice.Try to go for 19" if possible.
ATX Cabinet :400W ----> Whichever cabinet you go for,get KPPL/Powersafe SMPS,do not settle for anything other than that.
Keyboard : Logitech Black Keyboard -----> Good Enough
Mouse : Logitech Optical Mouse-----> See if you can get hold of MS IntelliMouse Explorer 3.0,it is very good.
I would suggest you to stay away from 915/925 chipset based system at the moment. Adapting to these setups is better after a new revision of these chipsets comes up.
Right now.LGA 775 based systems isnt worth the money you pay.
Other day i was looking at the Original Intel 915 based board,it is such a pathetic board,it costs around 7-7.5k,is based on 915G,compare it with the Asus P4C800 which costs 9500-10,000/- and is 100 times superior in performance.Not to mention that the 875P is still so powerful, it has beaten even the 925X in some benchies.
Also many reputed Motherboard Manufacturers are making boards for the LGA 775 with 875P chipset exclusively targetting the overclocking community.
Right now, when it comes to overclocking nothing can beat the 875P/865PE chipsets,not even the 925X forget the 915P.
I hope this helps you in making a good buy.