Why are you concerned if your current PSU is labelled 166W more powerful than what the calculator recommends? In terms of specifications, 700W should be easily more than enough to run your system.
However, what you should be concerned about is the quality of your unit. Yes, Cooler Master is not a 'generic brand', but unfortanately for the customer, their units vary from disgusting to mediocre all the way to top tier, making it impossible to determine the quality of a particular unit based only on the brand name.
The
PSU review database lists 11 units where the model number has "RS-700" in it, and of those, these are the ones lacking 80 Plus certification:
RS-700-ASAB-L3 (GX Lite, built by ATNG)
- an OK unit, but nowhere near the quality of your other hardware
RS-700-PCAA-E3 (Extreme Power Plus, built by Seventeam)
- Seventeam isn't regarded high tier and warranty is only 3 years which implies low quality components, but performance could be relatively good
RS-700-ACAB-D3 (Thunder Series, built by Enhance)
- only in Asian markets, I think
RS-700-ACAB-D3 (B series, built by Enhance)
- impressive 55A single +12V rail, and Enhance is generally not bad... but still, nowhere near the quality of the rest of your hardware
Overall, while your PC would
probably continue to work fine with the existing unit, I'd much rather not leave any doubt. Powering well over $1000 worth of hardware with a unit that leaves doubts as to its reliability is just not a good idea. Upgrade to a high quality unit, and sell the RS-700 or keep it as an emergency backup.