Yep.
Attach the monitor to the MOTHERBOARD to use the iGPU, and also update the drivers from the Intel site not motherboard site.
When you get the graphics card, shut down, attach monitor to the CARD instead then go into the BIOS and shut off the iGPU if possible. I'm not quite sure if that's an option in the BIOS or not.
There's probably a location in the BIOS to assign the VRAM amount which is just sharing some of your System Memory. I built my dad a PC and tested Torchlight 2 on his i5-4670K and it worked fairly well. If doing light gaming you'd probably want at least 1GB but make sure you haven't got that allocated later when you get the graphics card.