[PC Build] Looking for comment and recommendation

Looks like a pretty capable gaming system. Any reason for going ivy bridge rather than haswell?

If it's not a price jump, try to go Haswell (4th generation of the current Intel architecture). You may want to nix the heat sink unless your friend plans on overclocking, because stock is usually sufficient unless you live in a very hot location or overclock. May also want to look at 16GB of RAM instead of 8, because with that graphics card RAM would be the bottleneck. Also, that power supply is a mite on the weak side, might want to go 550W plus.

Your PSU might be a little iffy

Haswell is about a 10% performance increase over IvyBridge, and has lower power usage. So you'd be better off going with the i5 4770k, which is barely any different in price.
Also, I agree with SquireZed about going with a slightly higher wattage PSU. Personally, I'd say to go for a 650W. The reason I say that is to ensure you have enough throughput for everything that is going to be connected, and not be nearing to maxing out your PSU. That may not be relevant anymore honestly, but it's still something I stick with, after having been building PCs for more than 15 years. People tend to skimp on PSUs, not realizing how important they actually are, or that a bad PSU purchase can result in frying all the other components that cost so much more.
I'd also agree with the suggestion that you look at a 16GB RAM kit instead of 8GB, considering that, as was pointed out, at 8GB RAM is going to become your bottleneck, and the extra RAM now will ensure you don't have to worry about putting more in in a year as things start sucking up more RAM. RAM needs have been going up in leaps and bounds, so it's a case of better safe than sorry, same as the PSU.