For someone new to overclocking I would go with the 212 EVO or similar and go with a moderate overclock.
Agree. I have a 4670k and according to AIDA64, the 212 Evo does a pretty good job cooling for me at 4.2 gHz, which is a pretty safe and stable overclock for that CPU. Almost anyone can hit that speed even if they didn't win the 'silicon lottery' so to speak.
I'd also push you to get a Fractal Designs R4 case just because it's so awesome (and quiet) for about $20 more, but I'm sure the model you have is good too. They make nice stuff.
--- My movie and gaming room: http://imgur.com/a/IjWr1 My pets: http://imgur.com/a/P9VGU
Since you're new, and not likely to overclock anything (and with this build you won't need to for a long time) you can save a lot of money by not buying the overclock focused components (the i5 4670K, Hyper 212 EVO, Z87 Extreme4, Arc Midi R2). The CPU will come with it's own heatsink and fan;
I'd go with this CPU: http://pcpartpicker.com/part/intel-cpu-bx80646i54570
Which can be had in a combo with this optical drive to save a little more: http://pcpartpicker.com/part/lite-on-optical-drive-ihas124-04
You won't lose any significant capability with a B85 motherboard: http://pcpartpicker.com/part/asrock-motherboard-b85pro4
Nor will you be hindered by a less expensive case: http://pcpartpicker.com/part/thermaltake-case-vl80001w2z
Or a less expensive PSU: http://pcpartpicker.com/part/cooler-master-power-supply-rs750acaae3us
And you should be back down to around $1000.
Or swap the 7970 to two 7950s to be back to $1200: http://pcpartpicker.com/part/msi-video-card-r7950twinfrozr3gd5oc --- Sarcasm passes for serious here. Serious passes for sarcasm here.