I'm new to this, will this build work?

Solution
1) Don't buy thermal paste, the 212 evo comes with more than enough.
2) That power supply is unacceptable for a system of that cost, Either get the EVGA G2 550 or Corsair RM550x, both are ~$80. If you want to overclock and want some overhead, go with the 650W model of those two
3) You can save money by dropping the 212evo, the intel cooler is more than enough, and actually fairly quiet, especially in that case
4) Don't bother with the coolermaster fan, it's nowhere near as good as the ones that come with the R5
1) Don't buy thermal paste, the 212 evo comes with more than enough.
2) That power supply is unacceptable for a system of that cost, Either get the EVGA G2 550 or Corsair RM550x, both are ~$80. If you want to overclock and want some overhead, go with the 650W model of those two
3) You can save money by dropping the 212evo, the intel cooler is more than enough, and actually fairly quiet, especially in that case
4) Don't bother with the coolermaster fan, it's nowhere near as good as the ones that come with the R5
 
Solution


Plus one to this. In fact, scrap the second disk for now and make it a 480-500gb SSD, it should hold you over for a while until you can buy another disk!