My best advice would be to better distribute your allocation of funds. Buying a cheap(although effective) cooler on a more expensive cpu will be regrettable later on. Likewise, a huge allocation of resources on gpu and monitor will most likely provide less benefit than say a PCI-E NVMe M.2 (since you're board is compatible anyways) and ALL-IN-ONE watercooler(H100i, H60i etc. totally pre-build, just installing a cpu cooler and a fan). Kinda like a turbocharger on a 98 corolla.
Some 27+in Asus monitor will suit you just fine and will probably last longer than an Off-label LG display with 3.3 star rating. If you're asking if the human eye can tell the difference between 1ms and 5ms... well its 4 thousandths of one second.
Something like this might be more you're pace, and provide better benchmarks.
http://pcpartpicker.com/b/ CRm8TW
(I had two 98 corollas. They were actually fantastic 320k+ mile cars.= )
The base of your build looks like Hacintosh capability..However the 1070, to the best of my knowledge, is not yet compatible.
And in terms of VR, you might want to factor in the $500+ Oculus Rift price tag