It's cutting it really close. Under a full load you'd be pulling 85 or 90% of all available power. And if that PSU is as old as your processor your capacitors are aged enough where it likely would not be able to handle that load. In short, I wouldn't do it.
I'd also like to add that your CPU/GPU would be very unbalanced with that configuration and you'd likely experience a lot of stuttering from the CPU trying to drive high framerates at 1080p. I would settle for a lesser card, unless you plan on upgrading the CPU sometime soon, in which case I would also look to upgrade the PSU.