Sorry I don't offer much enthusiasm here. While I have no issue with a 700 watt PSU(better a bit too much, than a bit too little
), I can't recommend the rest of it. Please take this as 1 users opinion only, but there are only 2 systems I would build today. Best would be a Sandybridge i7-socket2011(quad, or 6 core if I could afford it) on an X79 mobo with 16GB(4x4) quad-channel RAM(32GB if I could afford it). This is the king of the hill for Pro Tools AFAIK. My budget build would be "older" parts with a socket 1366 i7(950 and up) an X58 motherboard with 12GB(3x4) triple-channel RAM. These 2 platforms have proven to be solid for Pro Tools. Any other setup is hit&miss. The only way I would roll with the parts you listed is; if someone replies and tells you they ARE running that very combination and it works great
Having said that, I also would not be building a "micro" package for a few reasons(most importantly, heat/room for fans, and drives(I run at least 3 internal drives on my machines). Maybe if you toss us the actual budget limit, someone can zero in on a better parts kit? And remember, cutting corners will likely mean a shorter working life(you will outgrow it faster). Better to spend $250 per year on a 5 year machine($1250 for a machine you get 5 years out of), than $250 per year on a 3 year machine($750 machine you outgrow in 3 years)
Just one opinion, and I certainly understand if budget is tight