That sounds like a good start. I would also suggest getting at least an 040 or better accelerator for your Amiga 1200 and a PCMCIA Network card (Check the dealers, they have lists of PCMCIA network cards that are supported).
Once you get to playing with it more you will find whether you want to add little bits and pieces to it.
Down the road I would add a scandoubler (For using with Flat Panel monitors and nicer VGA monitors), then if you decide you are REALLY into it you can get a tower case for it, upgrade it to PowerPC, pickup a PCI expansion board for it and get some PCI Ethernet, USB Ports, 32 Meg Voodoo3 video card, TV Tuners, Creative Labs PCI sound cards.. you can really turn it into quite a decent system! (Although it will cost a fair amount by the time you are done..)
