A racing PC is always a good idea. It depends on if you mean sim (GTR Evo, RBR, GPL) or if you mean things like Shift/Dirt/Grid which are more arcade than sim.
The 5770 is a good card. I'd be inclined to *taps nose* come here on monday before deciding for sure
An i5 is a good purchase (not that particular bundle though), but I'd look towards AMD for a good bang-for-buck solution.