^ Are you factoring for the 8350 being mostly idle? I realize you mentioned idling but what is the TDP downclocked to do so? It's only a 120W TDP at peak, right?
Maybe underclock/undervolt as well. Yes there are lower TDP processors for a mere NAS application, but I don't think it would get even 25W average in this use compared to the ~200W of the HDDs and motherboard. Granted, less if the HDDs spin down and sleep on a conservative interval, but that is (to me) the biggest performance hit of all, having to wait for HDDs to spin back up upon initial access.
Also the 4 x 8GB is overkill unless there is a high # of concurrent accesses. A single 8GB would be plenty. Underclock and undervolt that as well. A NAS needs nowhere near that level of performance for limited concurrent access home use.
I'm sure benchmarks would suggest otherwise, but I don't tend to find any that replicate my typical use pattern. YMMV.
Lastly no mention was made of the ethernet speed. Concurrent access can easily saturate 1Gb, if pulling files rather than just streaming video, but if it is mostly streaming video, do you need to plan for over 2.5Gb if the motherboard (being DDR3, seem unlikely to have support for and no mention was made of this critical NAS feature, "IF" needed...) ethernet higher than 1Gb so a 2.5Gb or better card was added to achieve this?
If it's going to be connected by only 1Gb ethernet, save the value of the parts and get something very low power and toss 4GB memory in. About a decade ago I did that with an embedded J1900 celeron board (Asrock Q1900M and raid card), for ~$75 at the time... so yes I'm coming back full circle and also think power consumption can be reduced, depending on the specifics of what is needed out of the NAS... and something like a J1900 CPU, doesn't even need a passive (no fan) heatsink more than about 5 cubic inches depending on chassis airflow patterns.
There are better low power embedded alternatives today than a Celeron J1900, I'm not suggesting that today. Shop around and see what you find, except that if you have the DDR3 memory, an older platform that takes it could make sense.
Much details missing about what performance is needed, the use pattern.