It looks good i have something similar and UE4 works great and modeliing and everything, heres mine:
i5 4570 3.6ghz
8GB DDR3 1600
GTX 670 2GB
Kingston SSD 120GB
RAM wise all i can say is this, when i build lighting for small-medium scenes the usage of ram goes up to 7gb+ so maybe if you can squeeze more ram in there like 12gb or 16gb just to be ram-proof for larger projects,altough its not a must i think the Engine adapts to what you have,as long as you have minimum 8GB you are fine.
As for monitor get a good IPS panel monitor at least 24" 1080p to have enough space for all the window layouts etc.Colors im not sure, usually people who work in photoshop/video editing buy 10 bit ips panels or such but those are very expensive you will be fine with a decent IPS 8 bit(normal consumer) panel for colors i think.
Case: Rosewill Challenger Mid size case
Processor: AMD-7850K Quad-Core, 3.7 GHz (OC’d to 4.2) (I didn’t trust AMD , but I feel AMD is best unless you have a huge budget)
RAM: 16GB Corsair Vengeance 1600
Graphics Card: EVGA GTX 960 2GB
Motherboard: MSI A88X-G43 Motherboard (I recommend you steer clear of MSI, my brother and I both have MSI mobo’s, they both have had problems since we bought them)
Hard Drive: Seagate Barracuda 1TB 7200 RPM
PSU: Sentey 650W Power Supply
This rig costed me about $850 USD, and has never led me astray, I am quite happy with this rig, I actually didn’t have a graphics card for a while, just the graphics in the processor are worth that of a $100 GPU. I am getting 60 FPS with my GPU with brand new games at max settings, so I feel 4GB really isn’t necesarry. I do just about everything, 3D modeling, UE4, gaming, etc… I guess my only complaint is that video rendering takes about 1 minute for a 1 minute video. Regarding AMD vs Intel, IMO: AMD is much better for multi-threaded applications, it has weaker threads, but more of them, while Intel has less threads, but each is more powerful.
8GB RAM might be not enough. Currently I am using 51% of 16GB while typing this message.
Software that is currently running:
•Perforce Visual Client
•Windows Mail
•Skype Translator Preview
•Skype for Desktop
•Unreal Engine 4.7
•Sticky Notes
•Google Chrome
•Epic Games Launcher
•Windows Explorer
I have 2 monitors, an Acer G247HL, and some other unknown brand. I highly recommend Acer, color is perfect.