300w Psu

You will still be low ending there. Even though that's an older 754 micro-atx there most board manufacturers recommend a 350w minimum. You wouldn't be doing any heavy gaming or ocing with that setup however. You can check the mail and browse the web that's about it.
 
I think a 300W would be plenty unless you added excessive amounts of PCI cards and drives. Still I wouldn't skimp on a PSU, even if you are buying a low powered one you want to be sure it's a good quality part or it can cause major problems later.
 
The problem I can reaily see with the 300w model there is the main power connector if it is still a 20pin not 20+4pin and laxks the additional 12v cpu feed seen with the newer boards. An older supply suggests a 20pin mian without the extra 12v feed. Even though that model board uses the older 20pin configuration the eventual upgrade will see the immediate need for buying a newer and larger supply then.

For slightly higher prices you could also step up a notch into a dual channel Socket 939 board and cpu combination. If you already a good 3rd party cpu cooler then the OEM on the AMD64 3400+ comes to mind there. http://www.newegg.com/Product/Product.aspx?Item=N82E16819103023

For a 939 board take a look at the Asus A8R MX/SI model seen at http://www.newegg.com/Product/Product.aspx?Item=N82E16813131049R

For the supply not too hefty but 20+4pin XClio 450W model seen at http://www.newegg.com/Product/Product.aspx?Item=N82E16817189003

It's not just wattage that makes the difference but "stability". Cromewell touched on this somewhat there when noting quality not quantity. In the low price range that comes up as the best choice. For a little more the Antec TP2 430w model seen at http://www.newegg.com/Product/Product.aspx?Item=N82E16817103928 comes to mind. The last build here saw that one but without the 20 to 20+4pin revision.
 
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