With the exception of the AC Freezer, which you don't need, the spec looks fine. You are paying a gigantic premium for the Shuttle bit, and there is no guarantee at all that the cooling system will handle any overclock, but the components are all good ones.
The spec does look a little imbalanced though.
For the difference in money, I would buy bigger hard disk drives. There is space in the case for 3, so either go for the Raptor and one 500Gb drive or 2 250Gb drives.
I'm not keen on double width graphics cards in shuttles. Sapphire do a single-width version of the 1950 Pro - and if you're spending that sort of money why not get 2 and go crossfire? Or just buy 1 X1950-XT or XT-X.
The only thing I would say - and I'm the worst person I know for wasting money - you are paying way over the odds for that being the first of the Core2Duo shuttles.