If you don't have a pre-refresh Haswell CPU right now, don't get that CPU with that mobo. You'll need a BIOS update which you can only do if you have a CPU that is compatible. Either go for a H97 mobo or switch to the i3 4130. It runs PM perfectly at only 50% load.
You do not need an aftermarket cooler if you're not overclocking. The stock cooler is fine. My i3 4130 runs at 50 degrees or so when doing PM netplay. However, this is in an ATX mid tower, which has more room for airflow than a mini-ITX case. 4GB of RAM is enough for Dolphin. I'm not sure about prices out of USA and Canada, but you could probably get an EVGA or MSI branded 750 Ti for cheaper. A non Ti 750 is enough to run PM at 4x IR though. I'd only recommend the Ti if you will do modern gaming as well. It can run most games at 720p.
You do not need an aftermarket cooler if you're not overclocking. The stock cooler is fine. My i3 4130 runs at 50 degrees or so when doing PM netplay. However, this is in an ATX mid tower, which has more room for airflow than a mini-ITX case. 4GB of RAM is enough for Dolphin. I'm not sure about prices out of USA and Canada, but you could probably get an EVGA or MSI branded 750 Ti for cheaper. A non Ti 750 is enough to run PM at 4x IR though. I'd only recommend the Ti if you will do modern gaming as well. It can run most games at 720p.