I'd agree, if gaming is off the agenda, Intel board graphics is more than good enough.
Turns out that gaming (as well as Blu-ray authoring/creating) was on the agenda, and moderately intensive gaming at that (CoD, MoH, etc). The RAW images the OP intends to work with are being taken with a 24MP camera so the SSD was ditched in favour of a RAID 0 setup as disk space will be chomped up in no time with them.
Although RAID 0 adds a very slight increased chance of data loss, that is not an issue as the OP already has a contingency plan for actual storage. RAID 0 does however provide a noticeable decrease in read/write times without getting anywhere near the cost of SSD.
I was also given an idea of the available budget, and managed to get it all in at £73 under the upper maximum.
The final spec sheet now reads:
Asus P8Z68-V LX Motherboard
2nd Generation Intel® Core™ i7 2700K 3.50GHz
Crucial Ballistix Sport 8GB Dual Channel RAM kit (Asus Certified)
GeForce GTX 550 Ti 1024MB GDDR5 Graphics
2x Western Digital Caviar Blue 7200rpm 500GB HDD in RAID 0 configuration
Pioneer BDR-S06XLB 12x Blu-Ray ReWriter
The "K" variant of the i7 is £13 more expensive than the stock version, but this was selected as overclocking may be on the agenda.
All in all it's going to be a pretty damn quick machine with that lot, and the final price is almost half what the OP has been quoted elsewhere for similar spec.