Regarding the V3 cooling mod that Brostenen mentioned, you should also take a look at Maximus' photos in this thread:
Oops, I think I killed my Voodoo3
My own solution was much less elegant and incredibly sloppy, but just as effective:
Oops, I think I killed my Voodoo3
You can also mount a fan to blow over any video card by using a spare slot cover, and this is the method I currently like best:
Tyan P200 MMX Voodoo 1
Everybody has their own opinions regarding what hardware is best in certain configurations. I think your build is fine, except for your choice of Voodoo 3 for video. It's just not a good choice for a system over 1ghz that will be running XP. Voodoo 3 cards are a better choice for systems running Win9x with CPUs slower than 1ghz and between 256mb-512mb RAM.
IMO, your configuration would be best with an FX 5900 Ultra or 5950 Ultra. If you can't find one of those, a GF 6800 would be a good 2nd choice. Why choose the FX 5900 or 5950? It's a DX9 card that still supports 8-bit palletized textures and fog tables. It's also a better match for your fast CPU. For compatibility, you can use various GLIDE wrappers to get older games working. If you really need to, you can also dual-boot with Win98SE for even better compatibility.
Can you run a Voodoo 3 in your system with WinXP? Yes, but it's just a waste of your PC's potential. For example, I would guesstimate that your PC with a Voodoo 3 would score about 2000 marks in 3DMark2001SE. With the FX 5900 Ultra, I think it would score 15,000 marks or more.
With excellent GLIDE wrappers like DGVoodoo, Zeckensack, and NGLIDE, there's just no reason to choose the Voodoo 3 over a much faster and better-matched card like the 5900 or 6800.
(I also think the Radeon 9600XT is a good choice, but only with WinXP. Don't get one if you intend to run Win9x or dual-boot with Win9x. They're cheap, run very cool, and use very little power. They're also DX9 cards that support 8-bit palletized textures and fog tables with the later versions of the Catalyst drivers, but only under WinXP.)
You didn't mention a sound card, but I would recommend a 1st or 2nd generation SB Live! WinXP SP3 has built-in drivers for them, so you don't even need to mess around with Creative Labs drivers if you don't want to.
Also, I agree with Ampera: IDE hard drives are incredibly cheap and easy to find. No need to use CF or SD cards. (Sorry Phil, I know you like them.)