On the V2 make sure you put the latest BIOS on before you pop the CPU in as CPU's pre rev. E (
IIRC) cause all sorts of really nasty funnies with earlier BIOS's and some revisions of the V2.
One of my rigs is a SN95V2 with a few choice parts added over time from our very own For Sale forum

.
2GB RAM
3700+
X800 XTPE (smashing AGP card
IMHO)
The only thing I really want to upgrade is the CPU to an X2 4400 or 4600 depending on cost but to be honest I use this rig for software development and my tools are multi-threaded so can make use of the extra horsepower.
The parts you have selected seem to offer a decent return for the outlay and should keep you going with that rig for some time if you happy to sit in the middle of the stack in games.
SN95's can be a real nightmare to get setup and stable but I have to confess once I got mine sorted (Shuttles later BIOS revisions, versions after the new bootup logo, did wonders) and learned to live with some of its quirks I would be loath to change it as its general solidness when doing coding, driving 3 screens

and playing the odd bit of Oblivion is great.