Would this budget build work?

I don't see why not. The PSU is overkill though unless you want to be future-proofed in terms of GPU expandability. I'd probably go with a 450W or 550W Superflower.

I would also wait for the quad and hex core Ryzen CPU's to be released before buying, just to see what performance is on offer at a similar price point to what you are looking at.

:)
 
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