Essentially its that simple. To make it efficient, you want the best MHash/Watt and MHash/$, since the power draw on a mining setup essentially nulls the profits unless you're running a big Radeon card with high ratios.
From the time I've spent lurking on the forums, and the sources posted herein, I think the general way you want to go regardless of budget is:
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Maximum ATI gfx card, even multiples that aren't running in Crossfire. (For separate device id's for separate instances of GPU miners)
..... For some reason, ATI cards are several multiples faster than nVidia for mining for the price. An $80 radeon 5570 gets slightly more khashes/s than my $200 gtx460.
..... I'm unsure of the effects of mining with 2 cheap Radeon's non crossfire versus 1 fancy Radeon by itself. It may be mostly additive.
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Cheap CPU, unless you also want it to mine at the same time, then maximize it within your budget. GFX takes MAJOR priority however. More cores are better than faster cores. An AMD X6 or a newfangled intel i7 are ideal for maximum cores, but get expensive. Again, go AMD if price is a concern, they're plenty fast and 20-30% cheaper. GPU miner programs have minimal CPU impact.
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Minimal RAM, 2-4GB, depending on OS. This is just to have a responsive overall system. Bitcoin while generating on 4 of my 4 cpu cores uses ~28
MB of RAM.
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Minimal hard-disk. Doesn't need to be super fast or even big. Has the OS and your miners.
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High Airflow Case. A necessity since you'll likely be overclocking whatever you use. If price isn't an issue, get an aftermarket CPU cooler or water cooler. Even if you don't mess with CPU OC's, GPU OC'ing is quick and easy and generates a lot of heat. Antec's 300/600/900/1200 cases are loved by everyone, are inexpensive, and are regarded as among the best air cooling towers you can get.
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As efficient a PSU as possible. Probably with some decent wattage headroom for upgrades down the line as the hashing difficulty factor increases.
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Minimal Motherboard, unless you really wanna do a CPU OC. Make sure it accepts PCIe 2.0 x16, two of those slots if you want to run multiple cards (crossfire ready, etc), and the variety/quantity of RAM you want.
Valuable Resources:
http://golubev.com/gpuest.htmhttp://pastebin.com/AvymGnMJhttp://www.bitcoin.org/wiki/doku.php?id=bitcoin_miners