Your processor is fine, if anyone or anything told you that it is too weak, ignore them. You're all set for CV1, assuming your PC has enough USB 3.0 ports.
What I've learned about the compatibility tool is that it's most likely the best source of info on whether your USB controller is compatible according to known chipsets (make sure it has two ports actually connected to it).
Regarding graphics, it's easy: GTX 970 is the "maximum minimum" the Oculus Store's game developers will optimize for, at a 90 fps performance in the Rift native resolution. Equivalent to a 9271 score on First Strike bencmhark (3DMark).
Regarding CPU and DDR: the slowest multi-core setup that doesn't bottleneck your graphics card. Some testers have noticed bottlenecking with i5 @3Ghz w/ 8GB DDR3 at 1440p ultra graphics and GTX 980, with games like Fallout 4, Metro, Battlefield. Which is outside the domain of the Rift-Enabled games. But most gamers have found no bottleneck with the consumer quad cores from 3rd or 4th generation @3.4Ghz.
