I was hoping to run older games in 4K like Bioshock, 1440 may be a good compromise tho

Your right, about $80 for 2 TB.

http://www.newegg.com/Product/Product.aspx?Item=N82E16822149397

or

http://www.newegg.com/Product/Product.aspx?Item=9SIA67S2157636

Agree on 1440p vs 4K right now. With 4K you'll always want to run in 4k to the detriment of other graphics options like effects, AA, and framerate. 1440p60 should really 'wow' you.

DDR4 isn't a significant performance gain over DDR3 so far, especially for games, so 16GB quality DDR3 will be more than enough.

I'll give you some tips briefly and will provide better feedback when I have a lot more time as I have personal committments today:

1) Your CPU architecture + choice of DDR3 is a poor decision. i5-4000 series is more than 2 years old and has already been replaced by the latest Skylake i5-6600K CPU. Not only does this CPU provide better features (HVEC hardware decoding), it has higher instructions per clock, the Z170 chipset has superior features as well (including up to dual M.2 slots, PCIe 3.0 from the chipset vs. PCIe 2.0 on the Z97). The price is basically the same as the i5-4690K so there is no reason to go with the 4000 series. Secondly, putting $80 towards DDR3 is literally wasting money. Over the next 5-7 years, Intel's and AMD's CPUs will use DDR4 memory. That means if you decide to upgrade your platform in the next 3-4 years to something better, you can just reuse the DDR4 ram you pay for today. With DDR3 memory, it's completely worthless to carry over.

2) I see another HUGE mistake in your build. You picked an i5 with a $76 CPU cooler. Believe me as I've been building PCs for over 15 years, a stock i7-6700K with a $20 cooler will be superior in games than an i5 with a $76 cooler. In this case a stock i7-4790K will outperform an i5-4690K regardless how high you overclock the 4690K. It's not a good use of money to buy a nearly $80 CPU cooler when literally a stock i7-6700K will beat any i5-6600K in games. Don't believe me?

Even an i7-2600K is often as fast as or faster than newer 4000 and even 6000 series i5 for gaming:

http://www.sweclockers.com/test/20862-intel-core-i7-6700k-och-i5-6600k-skylake/14#content

If you intend to keep your CPU for 4-5 years, get the i7 as it'll survive 2-3 GPU upgrades. Some modern games like Ryse Son of Rome, Crysis 3, The Witcher 3, GTA V run better with an i7. An i7-6700K with a $15 cooler (http://slickdeals.net/f/8044675-pc-components-zalman-cnps8900-cpu-cooler-14-99-ac-ar-w-fs-asus-black-sata-blu-ray-burner-bw-12b1st-blk-g-as-39-99-ar-ac-w-fs-sr-elig-newegg-com?&src=SiteSearch) will beat an i5-4690K/i5-6600K with an $80 cooler.

GTA V:

https://www.youtube.com/watch?v=SLs-sMteggg

Crysis 3 - even a max overclocked i5 cannot maintain 60 fps when an i7 4790K can without a problem:

https://www.youtube.com/watch?v=J8vGwz35Hqs

3) I am sure you can find a better deal on a power supply. Just 2 minutes of searching netted me an 850W Platinum PSU with 10-year warranty:

http://slickdeals.net/f/8047785-evga-supernova-850w-80-platinum-full-modular-power-supply-104-shipped-from-newegg?src=pdw

This is a much better unit than the Corsair unit you have in your build.

*** Edit: I see you downgraded to a cheaper Corsair unit. The CX600 series isn't that great of a PSU to be honest.

4) 4K resolution is way too demanding for a single 980 card. This review shows that even Fury X CF and 980TI SLI are often struggling to max out modern games at 4:
http://www.techspot.com/review/1033-gtx-980-ti-sli-r9-fury-x-crossfire/

What that means is as more GPU demanding games start coming out, your 980 will struggle even more where you will have to reduce settings substantially.  1440P at maxed out settings will produce superior IQ than 4K at medium settings. Unless you are willing to buy flagship cards every 2 years, 4K is not ready for prime time. Also, any good 4K monitor with a solid panel costs a lot of $ -- at least $700 US. You will not find a high quality 4K panel for $300-400.

5) If you are trying to find a good deal on a 980, keep an eye out on EVGA's B-stock deals where 980 has been as low as $370-380:

http://www.evga.com/Products/ProductList.aspx?type=8

My most important advice relates to this point:

"My goal is to have this up and running prior to Fallout 4 which is release on November 10th (seems so far away)."

Never ever ever build a new PC for some future PC game that has not been released yet. This is because games get delayed and 3-4 months in GPU tech is a long time. By November 9th, there could be price drops on existing GPUs, even better GPUs could launch (AMD's Fury Nano), NV's 980TI Black Edition with fully unlocked shaders, etc. It's possible the prices of Fury will drop and Fury is faster than the 980:

http://www.sweclockers.com/test/20792-amd-radeon-r9-fury-fran-asus-och-sapphire/17#content

Therefore, wait until November 1st and you will have 9-10 days to assemble a new system easily. Just keep looking for deals between now and November 1st and if you see a big discount/sale on GTX980/Fury, you can make your decision. Also, in terms of price/performance, it's better to buy an R9 390/970, resell that card in 2 years and invest the $180+ savings from not buying a 980 towards a next generation 16nm GPU with HBM2 memory tech, rather than buying a $480 980 and keeping it for 4-5 years. So unless you already plan to buy $500 GPUs every 2 years like clock work, your decision to buy a $480 980 is not a sound one either because you don't get that much performance for the $180 extra over a 970/390:

In my honest opinion, GTX970/390 represent the best value right now without breaking the wallet. 980 at $480 sits in no-man's land as it's overpriced for what it is unless you can find it for $380 or so on EVGA's B-Stock. As I said earlier, you are better off grabbing a $300 GTX970/390 and just putting aside $180 towards a next GPU upgrade in 2-3 years that'll net you 50% more performance over the 980 for next gen games.

Also, I should mention some great deals on a pre-built system from HP going on right now. While I normally do not like to recommend pre-built, right now the value proposition is very strong, especially since it already comes with an operating system.

You can change the configuration to your liking too for example by adding a 250GB SSD to the 850SE configuration for $65:

HP Envy Phoenix 810qe Desktop

i7-4790 CPU
8GB DDR3 Memory
2TB Hard Drive
Nvidia GTX 980
DVDRW
HP WLAN 802.11 ac 2x2 DB MCard BT WIDI (upgrade)
Windows 8.1
$1604.99 - 30% w/ coupon code AUGUST30 - $250 Rebate = $875

HP Envy Phoenix 850se Desktop

i7-5820K processor hexa-core CPU
16GB DDR4 2133 Memory (upgrade)
2TB Hard Drive
GeForce GTX 980 4GB GDDR5 FH GFX
DVDRW
WiFi N + Bluetooth 4.0 (worth upgrade to 2x2 WiFi for $15 more)
Windows 10
$1829 - 30% w/ coupon code AUGUST30 - $250 Rebate = $1100.99 ($960.99 w/ gtx 970)

http://slickdeals.net/f/8045263-hp-desktop-laptop-sale-250-rebate-on-1050-orders-30-off-coupon-free-shipping-i7-4790-gtx980-for-875ar?src=SiteSearch

The Toshiba should be faster, as WD Green run at 5400rpm  and the Toshiba at 7200rpm. On the other hand, the difference is relatively small nowadays and the 5400rpm will be less noisy. So it's a toss-up between speed and noise.

Your CPU cooler is way over the top. Even when overclocking, you won't need such an expensive piece. There are better options for you for half the price, like this Cooler Master:

http://www.newegg.com/Product/Product.aspx?Item=N82E16835103099

Or this Be Quiet!:

http://www.newegg.com/Product/Product.aspx?Item=9SIA68V2326642

The PSU should suffice, if you don't go overboard with overclocking.

For a first time build you seem to have done a decent amount of research, so well done on that front. What I will say though is that DDR4 RAM is about to hit mainstream, so you may want to have a second look at your motherboard, RAM and CPU combo.

An i5 6600K with the relevant motherboard and DDR4 RAM would make it more future proof.

@BlueFalcon

That's a lot to digest.  Clearly I have more to think about, especially regarding future upgrading.

1.  Yes would like to be able to upgrade in a few years but I'm not sure I want to invest in DDR4 at the moment especially when prices will drop in the future.

2.  I'm rethinking the cpu.

3.  I'll look for a better psu.

4.  I'm not trying to play modern games at 4K, I was thinking older ones like Bioshock or Dead Space.  I would however like to play games at 1440.

5.  EVGA's B-stock deals seem like the way to go.  However the red prints says they don't come with accessories.  What would be missing?

What specific build would you make in the $1500 range that could easily be upgraded in a few years?

Wow those prebuilt pcs look like good deals, especially the HP Envy Phoenix 850se Desktop.  That's very tempting.

Is DDR4 really going to make that big of an impact on performance in the relative future, say next few years?

Yep 4.2 Ghz with stock cooler and 1.220 core voltage.