Is this build a good start for a video editing system?

Im looking in to building my own computer that i will be using for mostly video editing. I have been doing alot of reasearch of my own but all of my findings can get confusing, im a noob so please barewith me. I am trying to keep the price fairly low but i do want to get the the best bang for my buck. For starters this is what i have chosen, i will eventually upgrade as time goes on. I also had a few questions for video editing perpouses.

1. Should i stick with the z68 chipset or go with the p67? or which one would i benifit from the most if im just using the system for HD editing? (note that i swith from sony vegas10 and adobe CS5.5)
2. I know the i7 is better but will there be a great diferance in performance if i go with the i5?
3. I havent chosen a graphics card yet, im am just cerious to know which one this system will benifit from the most?

Intel BOXDZ68BC LGA 1155 Intel Z68 HDMI SATA 6Gb/s USB 3.0 ATX Intel
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Intel Core i5-2500K Sandy Bridge LGA 1155

G.SKILL Ripjaws X Series 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Desktop Memory Model
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Mushkin Enhanced Chronos MKNSSDCR120GB 2.5" 120GB SATA III MLC Internal Solid State Drive (SSD)
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SAMSUNG Spinpoint F3 HD103SJ 1TB 7200 RPM SATA 3.0Gb/s 3.5" Internal Hard Drive -Bare Drive
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