Honestly, I'd go with something like this: http://pcpartpicker.com/p/16wL9
The 7970 just isn't worth it for the money; the 7950 is within a few FPS, and is $100 cheaper, usually. The MSI 7950 is really high quality, noticeablely more than the Sapphire, has a better looking cooler (although that is subjective), and is all-around a better card.
The Sabertooth is a pretty meh board; sure, it will overclock alright, and it has PCIe 3.0, but there are a lot of issues with those PCIe lanes actually stopping their functionality, or otherwise breaking easily, and the overclocking power itself is only moderate. I'd look into the Asrock Extreme9, which has a much stronger VRM, and equivalent build quality. To handle those high OCs, I grabbed a Phanteks PH-TC14PE with a 2-pack of Corsair SP120s to replace the stock fans. Fantastic cooler, and great looking fans (that also perform pretty well). You should hit 4.7gHz easily, but after that, it is up to your chip. The Extreme9 has a strong 12+2 power phase, which will handle really anything you throw at it. The PH-TC14PE is the best air cooler on the market, right now. I highly recommend it - I have on, myself, and I wouldn't give it up for anything (except a custom loop).
Ripjaws X is fine, but I'd rather get the G.SKILL Sniper for looks. This particular kit is 1866mHz with the same CL9, so it is faster, and looks much better, to me at least. 16GB in 8GB sticks lets you have 16GB of room to upgrade later - solid investment, this way you won't run out of memory in any real-world application.
The ADATA SX900 is a fantastic SSD, but you can't beat the price/performance of the Samsung 840. Instead of 256GB, you can get a 500GB 840 for only $320, which has reads of 500+, and writes in the range of 200(?). If you want to spend the extra $50, or so, and get the 512GB SX900, it has much faster writes, but aren't SSDs all about the reads for boot times? Why else are you getting one, in all honesty?
That PSU is way too large, even if you OC that 8350 and 7950(70). You don't need more than 500W for that, but the Lepa G650 Mas is on sale right now for only $79. There is literally not a single better PSU for that price, especially at this wattage. 80+ Gold, really low ripple, semi-modular (EPS and 24-pin hardwired), and fantastic build quality. It is still massiver overkill, even for an overclocked system, but that price is just ridiculous. It is truly the tank of modern PSUs.
Finally, the R4 is a fantastic case, and is on a slight sale right now. I have a few Fractal Cases (Core 1000, XL, and an old R2) and I love them. Fantastic design build quality for the price, and just killer looks. For $100, it's a great deal :)