I wouldnt overclock unless you really need to. I personally save overclocking for end-life of my hardware when trying to push older hardware to do new tricks to stretch its life another 6 months of a year etc.
Depending on what your going to mine with this video card you might find that the mining is completely pointless, that is the cost of electricity and wear on your card comes at a greater cost than whatever is mined. I for example tried to get in on bitcoin mining and my hardware was running around the clock for a month and no bitcoins generated yet I had an electric bill to pay for it and I had a system to clean out that was filling faster than ever with dust from the system running all the time drawing air in and out of itself. I read into ways to increase my odds of bitcoin farming and found that there is hardware out there specific to bitcoin farming these days that runs laps 100x faster than a single power hungry PC could ever crunch out the math in search for them, and at a fraction of the power consumption with many of them running on lesser than 100 watts each. These were engineered specifically for farming and PC's cant compete with them. People also had systems with multiple video cards teamed to crunch for bitcoins and many of them lost lots of money or had to sell their hardware off at a fraction of what they paid new for it when they found out just like me that the easy pickings for the bitcoins are long gone and more and more work is required in processing to grab at the harder to get fruit ( bitcoins ) that are out there in mathematical limbo of which the locations are unknown until discovery if pretty much how it works. The bitcoin farming started off in the early days of it with them detected and mined pretty quickly in comparison to that of today, but the processing to mine them is exponential, so as they are discovered, the next one is that much harder to get to as the math formula deals with ever greater numbers to calculate with which takes more and more processing time or more and more powerful processors. I gave up on the bitcoin farming idea. There are also others like bitcoin that are also not easy to acquire. I also tried litecoin. I have a digital wallet that is empty.
But at least I gave it a shot and learned from it.
Flashing any device has its risks. If you have the proper firmware to flash to it you should be ok. If you send the wrong or corrupt firmware to it or power is disrupted during the flash of the BIOS you can kill the video card. I only flash devices when I really need to such as a bug fix or such as in motherboards where a newer BIOS opens up the door to support for better processors to upgrade to.
Your power supply of 600 watts is plenty and a trusted brand. No worries there.
The video card with constant mining and gaming, they all have a life cycle and excessive use can lead to earlier death. The cards weakness is in its fans, they dont spin forever. So with heavy use they will fail sooner than later. Additionally you will want to make sure that you keep it free of dust so it stays as cool as it can. Heat is a risk to all computer hardware.
I avoid overclocking programs unless they came specifically with or for the device that its used on. I avoid using 3rd party overclock tools on hardware for fear that they might push hardware beyond what the OEM deemed safe operating conditions.
I also have the AMD FX-8350 and I have cool n quiet enabled on my BIOS to underclock it to keep my system cool and less power hungry when idle or when games played dont require a cpu running full tilt. The only 2 things with my FX-8350 that I kind of dislike is that its a hot blooded CPU and the heatsink that came with it is almost inadequate, the CPU runs hot with stock heatsink and I even removed side cover thinking maybe I had a hot pocket of air in the case and that didnt help much. The CPU fan runs at 100% and is loud to cool the CPU and my FX-8300 a 95watt TDP 3.3Ghz I actually like better because it runs cooler on the stock heatsink and is quieter and still plenty of processing power. The last thing I dislike with the FX-8350 is that single-core execution, that is a game that pulls 1 core of the 8 sure its running at 4.0Ghz vs say 3.3Ghz on my other system with similar core design, but I have a Athlon II X4 620 2.6Ghz that when testing single-core benchmarking, the difference was mainly in the faster clock getting calculations to happen sooner vs later. The Athlon II x4 620 2.6Ghz is a weaker older core design than that of the FX-8300 and FX-8350, but I had the chance to try out single-core execution on a Core i5 2.4Ghz and that beat the pants off the single-core execution of the FX-8300 and FX-8350 because these CPUs were made at a time that AMD was stuck with pushing an older core design harder to compete with Intel and thats when they started making 125 watt and over 200 watt TDP CPU's to overdrive the older core technology to complete with Intel. Hopefully your FX-8350 stays cool... maybe you have liquid cooling and heat isnt an issue.