Any comments or observations would be appreciated. I'm wondering...
Is the power supply sufficient? Yes Probably - try here
http://extreme.outervision.com/psucalculatorlite.jsp
Will I need the front case fans? Probably not, however if your worried about airflow then you can have them in and run them from 5v.
Should I use a fan speed controller? maybe a temperature controlled one
RAM? More than 4mb is needed! I hope you meant 4gb! pretty much with ram is you go for a brand name youll be ok, i have 4 x1gb of corsair dominator in mine at 1066, and then run rather cool!
The heatsink should be more than fine! i have an e8400 with a sycthe mini ninja on in running fanless and is running @ 42 degrees so your heatsink should do well,
You may find you want to think about hard drive silencing since your system will be quite quiet and noisy hard drives will drive you insane!!