Many drives now have 8MB cache, it was simply that WD was amoung the first to bring that to PATA, but nowdays you can take your pick, you can't expect a WD to be any faster, just louder. Oddly their 2MB cache drives had already went to liquid bearing, i never understood why as it would seem to be a bit backwards from a product tiering perspective but perhaps it all boiled down to which factory made which drive.
I already mentioned the three drives I'd consider, Maxtor, Seagate, and Samsung. The Samsung seems quietest to me, though they're all close, the Maxtor the louder drive but in sustained read it also seems faster by a hair... buy based on price unless the Samsung's longer 3 yr warranty is important, though Maxtor seems to have more rebates for B&M stores in the US.
Dual-channel memory is most critical with integrated video, more important on a P4 too, but still you might expect 5-10% benefit, though like anything else it depends on the application, some things aren't memory bound. However, in the PC biz the slightest performance difference is overexaggerated, nForce2 isn't faster than KT600 when in single channel mode, actually KT600 might be faster then and already has native SATA. Even so, I'd get an nForce2 with only one memory module with a plan to buy a second 51MB module later, but that's just me... when talking performance, you will exceed 512MB of memory usage for anything modern quite easily, plus with WinXP not needing to be rebooted so often you can run code from the vcache so the HDD speed matters even less... IF you have enough memory to do so.
Motherboard, could spend a day on that alone... Best deal right now is a Newegg Refurb'd Asus A7N88X Dlx or "-E" Dlx, $39/50 delivered. If paying full price I'd probably get an Abit NF-7 though with nForce2 you have to decide if the upgraded audio is worth paying for (in other words, do you already have a decent sound card). I'm too lazy at the moment to look up the feature set for the MSI but if that's what you want, you could certainly do a lot worse than MSI.
Check out the
motherboard forums at amdmb.com, for many of the more popular boards there is a great collection of user's experiences, tweaks, mods, etc.