to be honest for 700bucks ... your gc is already quite expensive. the better option for you would be either top up a lil and go for 8800gt or go lower for something around 400bucks.

Actually if you are not doing serious gaming... a 400bucks gc would be good enuf.

and for monitor i personally think its important, coz everything your comp does all comes down the what u can see in the monitor.... so dont get chaplang one le haha..

All the best!