The 4160 and the 1050 will work fine together. However IMO you are likely better bumping up to the 1050 Ti for that little extra juice. Your PSU (Assuming it is a good quality one) will have enough power for it. Something like an RX 460 would also be available for around the same price I believe.
Some would argue you could even bump up to the 1060 for some applications, but with the GPU market at the moment, the 1060 is likely not worth it.