If your friend is planning on overclocking, I would rather go for a Asus Mobo in the same price range, or a DFI Lanparty which is slightly more expensive. Also, consider dropping the SLI motherboard if your not planning on running 2 GFX cards later on. The two PCI-e slots on the Gigabyte Mobo was too close together anyway, making it impossible to fit 2 dual-slot graphics cards in next to each other, and even if you got 2 single-slot cards, they'd still be pressed up against each other.
The PSU should be fine, try to check their website to check the Ampereges on the 12V rail, since that is more important than the Wattage. It should be at least in the area of 20 Amps or more.
Go for the 165. It runs slower than the 3800+ at stock speeds, so after a burn-in period of about 100 hours, I would definitely OC that baby! The cache makes a difference, but not the kind that will blow your eyelids off!
The rest looks perfect! Hope it helps