Where are GOOD PSUs extremely cheap at the moment @Jeff Kaos? Out of curiosity.
While 750W is unnecessary for the proposed build, it's great quality & $60. You aren't going to be able to do a whole lot better.
You might find a quality 500-550W PSU in the ~$50 range (the B2 SuperNOVA 750 is available for $50)
As for the debate on VRAM, I agree the 6GB variant would be an ever better option, but it's not as if 3GB cards are 'bad' - especially the 1060.
Provided the OP isn't looking to game at resolutions >1080p, and is happy to turn down settings over time, then it's a very solid option.
If the budget allows though, a 6GB GTX 1060 would be perfect. A GTX 1070 would be absolutely ideal, but I don't see that fitting within the OP's budget without some major sacrifices elsewhere. An 8GB RX 480 just about might, sacrificing the OCing ability though (and keeping with the Black & White theme makes it more difficult - dropping to an mATX board as a result).
i5-6500, 16GB DDR4, a larger (albeit budget) SSD and an RX480 (8GB) can work if you're prepared to drop the OCing ability and move the a mATX board:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Core i5-6500 3.2GHz Quad-Core Processor ($190.99 @ SuperBiiz)
CPU Cooler: CRYORIG C7 40.5 CFM CPU Cooler ($26.88 @ OutletPC)
Motherboard: MSI B150M BAZOOKA Micro ATX LGA1151 Motherboard ($55.98 @ Newegg)
Memory: Corsair Vengeance LPX 16GB (2 x 8GB) DDR4-2133 Memory ($77.99 @ Newegg)
Storage: ADATA Premier SP550 480GB 2.5" Solid State Drive ($109.99 @ NCIX US)
Video Card: XFX Radeon RX 480 8GB GTR Video Card ($249.99 @ Newegg)
Case: BitFenix Comrade ATX Mid Tower Case ($29.99 @ NCIX US)
Power Supply: EVGA 750W 80+ Bronze Certified Semi-Modular ATX Power Supply ($49.99 @ Newegg)
Total: $791.80
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-11-22 18:08 EST-0500
Of course, if you're prepared to make those concessions - I'd suggest scrapping the colour scheme, as that is severely limiting some of the options.