That rig is fine and is compatible. But fx 8350 is more equally balanced with gtx 770 and better gpus.
So fx 8320 should be your cpu considering the budget. You can even get an asus m5a97 r2.0 or Gigabyte ga 970a to save some money so that you will be able to afford gtx 770. Because for me fx 8320 and gtx 770 is better than fx 8350 and gtx 760.