CAn't see that machine eating up too much power. I am running one here with a K6/2 500@550, 384mb ram, cdrw, 3 hd but admittedly not a very beefy graphics card, and on the PSU it says 220w so don't believe everything you hear.
Just any socket 7/socket A cooling fan will do. You do not need major brand memory, even the cheap stuff will work in this board and that should be about it. Just remember the obo doesn't support increased AGP speeds as well, so there is no point buying a 4x card over a 1x one.