If you are going to be OCing with the Gigabyte, you wont be able to get any crazy overclocks. It does handle small to moderate overclocks just fine, but not as good as the DFI Lanparty series. But if you are looking to overclock by a little, then the Gigabyte will be fine.
Also, make sure to get RAM that uses Samsung TCCD chips. TCCDs overclock nicely without having to dump a lot of extra voltage into them, making the Gigabyte board ok. If you get some other kind of RAM that has something like BH-5s for ICs, then you might run into trouble, due to the Gigabyte not being able to supply that much extra voltage to the RAM.
For a list of what RAM has TCCDs, go here.
Definitely get the Venice-cored CPU. It runs cooler than the Newcastle, plus it has better overclocking abilities (not just because of the low temperature, either). Not to mention the Newcastle can only be found on skt 754 anyways...