seems like this is a good PSU and is on a sale.
It's good enough to keep a FX 8350 OC to 5.3 GHz at 1.53 V and a RX 580 and a SSD and 2 SSHD running properly all the time with no problems or would I need a higher wattage PSU?
Also a water pump from a custom cooling loop. One of EK Pump/Res combo ones.
It will probably do just fine, it really comes down to the power draw of that CPU since the rx580 can draw up to 250W of power itself.
5.3ghz is quite the overclock, pretty sure you can calculate the watt usage, I don't know the math behind it unfortunately,. Also the pump should tell you its voltage(12)+amps or wattage.
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585 W I used an online calculator.
Luckily there is also a 650 W on sale to 
Handy, so the CPU is guzzling the gas hey?
I calculated it using all the extreme settings for worse case scenario but I doubt I'd ever be able to actually hit 585 W using normally how I do. I was given this old system by a friend, and the only thing bad is the the PSU isn't modular and the worse are real hard to manage.
I would say go with the 650W version if you could.
But platinum isnt that a bit over the top?
i mean gold rated psu's are also more then fine.
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I mean for $55 dollars it isn't bad to be honest.
@MisteryAngel What Modular PSU would you have in mind that can support my needs?
Well yeah for that price its definitelly a decent deal really.
EVGA has some nice psu´s aswell.
But i think that its going to be difficult to find a 650W psu for that said price.
Of course a 550W psu would also do the job.
But a littlebit more headroom never hurts.
I don't think the PSU you've picked has any relation on getting 5.3ghz on a fx8350. No decent PSU will. That's up to the chip and your mobo