well what brand is the 550w, it may be fine for the 8600gt but a newer more power hungry card could kill it and other stuff if it's from a bad manufacturer.
Its the stock Dell PSU that comes standard in the Precision 470. You think its alright to handle it? .
If the computer is a full tower, or mid tower, then yes, you should be fine with any 771 compatible HSF. If it is a minitower (generally square and most people sit the monitor on top), then you will need the original HSF shroud for proper airflow.
i'd almost say since it is that way then do the ghetto fix where you leave that in then buy like the corsair cx430 or an antec basiq 350 or something and run its power cord through an open expansion slot and have it sitting there in the bottom of the case, not the most efficient or pretty fix but it would do the job if the case is big enough to fit it.
of course your post showed up after i posted so that pretty much destroys this idea.
Whats the 12v amperage on the psu say?