Re: Which build?
Just a few things to point out. If you go with the first build, the Arctic Freezer 7 Pro comes with a thermal pad of MX-2 which is better than Arctic Silver 5, so you won't need to buy the extra thermal.
For the second build, you will obviously want an aftermarket cooler to take advantage of the overclock value on the 920. If you are debating between those two video cards, I'd get the 285. Getting another 285 later when the price drops will up your performance higher than just one 295, and you could eventually add a third card, but that is rarely necessary.
The RAM looks good in both, as well as the PSU and the rest of the parts. I didn't put them together in a shopping cart to see which was cheapest, but even with the added expense of the i7 I think you would have a better computer for even longer. Add an aftermarket cooler to the 920, overclock it to 3.2-3.4GHz and it will be quite a bit faster even at gaming than the Q9650.