Hokay.. first off, if you're going for photoshop work (light work or otherwise) you will not want to drop down to the i3 line of CPUs. I could not recommend a dual core CPU (no matter the clock speed) for rendering work. Yes, the 8 gig of ram could help (+SSD) but if your CPU sucks balls, it doesn't matter how fast your hard drive is.
Second note, is that I really dislike Asrock motherboards. I know they are popular in some circles, and they have a huge OEM following with certain manufacturers.. but I go by Mike Homles philosophy of "do it right the first time", so you don't have headaches down the road.
I'd spend the extra $20 and get the GA-H67N-USB3-B3.
I would stick with the i5-2500 cpu. Don't bother with the 'k' version, the H67 series 1155 motherboards don't overclock well (or at all?)
You will want to go with 1600Mhz DDR3, not 1333Mhz. It makes a difference. I subbed in some Gskill below.
That's not a bad PSU - 80+ and such. 350W should run a low end video card, but it would be cutting it close if you move up to a more performance GPU.
Gigabyte GA-H67N-USB3-B3 $115
Intel i5-2500 $210
Newegg.com - G.SKILL 4GB (2 x 2GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Dual Channel Kit Desktop Memory Model F3-12800CL9D-4GBNQ $48
Newegg.com - SeaSonic SS-350SFE 350W SFX12V V3.1 80 PLUS Certified Active PFC Power Supply - Power Supplies $53
I would go with a WD Black 640 gig hard drive ($69) for now, then move to an SSD in the future, and use the 640 gig drive for storage when you get the SSD. It's just not in the cards right now, the SSD you'd be buying would be crap and too small to load your OS, programs and such. I would save up until you can afford a decent 64 gig SSD - by then sandforce 3 will be the norm, and the older style will still be good, and more affordable.
Add $20 for whatever DVD drive you're looking at.
You're at $515 + tax and shipping. If you're dead set for getting the Asrock motherboard, you can save yourself another $25. Basically all I changed was the ram and hard drive configuration then.
Good luck, let us know what you go with.