I would reccomend not overclocking and rather investing your money in a better GPU. Especially if you want to play Witcher 3. Oh, and the 960 can't use 4GB anyways. Its bandwidth won't allow it to so its basically pointless in getting a 4GB one.
Just a tip, thermal compound is thermal compound. There is no such thing as "better" thermal compound. (Not unless it's like super garbage stuff you ordered from Taiwan) My point is that buying thermal compound is only useful if you are going to be taking a cooler off for some reason. (Almost every CPU cooler either comes with thermal compound pre-applied, or in a little tube for you to apply yourself)
For the case, just going to let you know that that case is seriously massive. Getting a normal ATX case might be a better idea. The Noctis 450 just came out and it is now my favorite case. Since the Noctis 450 comes with 3 front 120mm fans, and 1 rear 140mm exhaust fan, not really a point in spending any extra money on fans.
The monitor you added isn't very good for gaming at all so I added a monitor that I used to use for gaming and it has a super fast response time and there is a setting that allows you to add cross hairs on the screen (kind of cheating but oh well).
So I ended up being able to fit a Xeon in the build within your budget. This specific Xeon is basically an i7 without the integrated graphics. (Something that you don't need since you have a GPU). Anyways, in games that are heavily threaded, (Like witcher 3) the Xeon will definitely outperform the 4690k because of the fact that the Xeon has hyper threading and the 4690k simply lacks the extra threads.
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Xeon E3-1231 V3 3.4GHz Quad-Core Processor ($241.95 @ SuperBiiz)
Motherboard: ASRock H97 PRO4 ATX LGA1150 Motherboard ($81.89 @ OutletPC)
Memory: Corsair Vengeance 8GB (2 x 4GB) DDR3-1600 Memory ($56.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($49.99 @ Amazon)
Video Card: Asus GeForce GTX 970 4GB STRIX Video Card ($329.99 @ Directron)
Case: NZXT Noctis 450 ATX Mid Tower Case ($134.99 @ NCIX US)
Power Supply: Antec Neo Eco 620W 80+ Bronze Certified ATX Power Supply ($64.99 @ SuperBiiz)
Operating System: Microsoft Windows 8.1 OEM (64-bit) ($89.99 @ NCIX US)
Monitor: Asus VX228H 60Hz 21.5" Monitor ($139.99 @ Best Buy)
Total: $1190.77
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2015-06-07 17:48 EDT-0400
I had to remove the CD drive because the Noctis 450 doesn't have an 5.25 CD drive bays. (Companies are starting to phase them out because they are becoming useless)
If you are worried about installing windows, you could always buy a disk drive and then just momentarily hook it up outside of the case. Another option (which I do anyways) is to just download windows on a USB stick, then just plug it into the computer and download Windows that way. It's a lot easier IMO.
I hope that helped... Feel free to ask any questions.
Larger monitor option:
https://pcpartpicker.com/part/acer-monitor-umfg6aaa01
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