Questions:
Is the rest of my rig OK to just install this new card?
How much improvement will i see in general (i understand i'm going fro 2 cards to 1) ?
Is there any bottlenecks in my machine that will seriously effect performance?
I really appreciate any help you can give before i shell out the cash : )
1. Yep, your rig will handle that card perfectly.
2. Big increase in performance, around double the FPS you currently get in modern titles perhaps. Plus you don't have to deal with SLI troubles anymore.
3. Your CPU is plenty strong enough. It will be a bottleneck in open world games but not by a large factor at all. Plenty life in it yet.