Need help with new non-gaming build

[grrinchas]

I need new PC for programming which should have these features

1. Fast compilation of Java, Haskell etc. source code.
2. Fast searching, traversing through directories, opening files etc.
3. Ability to run multiple servers and VM mostly for testing.
4. Graphics card must support at least 3 monitors (1920 x 1080). In the near future I am planning to upgrade at least one of them to 4k.
5. Good performance in Photoshop, Illustrator, IDE's etc.

I have no interest in gaming at all.

My budget is 800£-1000£

This is what I came up with:

CPU: AMD - Ryzen 5 1600 3.2GHz 6-Core Processor ($197.43 @ OutletPC)
Motherboard: ASRock - AB350M Micro ATX AM4 Motherboard ($59.99 @ Newegg)
Memory: Corsair - Vengeance LPX 16GB (2 x 8GB) DDR4-2666 Memory ($144.99 @ Amazon)
Storage: Samsung - 960 EVO 500GB M.2-2280 Solid State Drive ($219.99 @ B&H)
Video Card: Gigabyte - Radeon RX 550 2GB D5 Video Card
Case: Zalman - T2 Plus MicroATX Mini Tower Case ($35.99 @ SuperBiiz)
Power Supply: Silverstone - 300W 80+ Bronze Certified SFX Power Supply ($49.99 @ Amazon)
Wireless Network Adapter: TP-Link - TL-WDN4800 PCI-Express x1 802.11a/b/g/n Wi-Fi Adapter ($39.88 @ OutletPC)
Total: $748.26

Things I am not sure about:

1. Processor: is it worth to go for Ryzen 7 1700 instead of Ryzen 5 1600, based on my use cases.
2. Video card: have no idea how much it impacts my use cases. Should I go for more or less powerful?

Thank you.