It should certainly "work".
Note though, those GPUs are on back-order. To actually find a 1070, in stock, today - you're looking at another +$300 easily.
https://www.pc-canada.com/item/STRIX-GTX1070-8G-GAMING.html?utm_source=pcpartpicker&utm_medium=affiliate&utm_campaign=pcpartpicker
What's the intended use for the build? Gaming? Editing? etc. What resolution of monitor would you pair with it?
For most use cases, an i7 would likely be a better option. You're looking to pair a Z board with a locked CPU, so if a bit of a mismatch as you can't overclock.