It should be fine, however one thing to watch out is the Power supply.
Atom systems tend to have small power supply. ATX V2.2 Min 400W to be safe.
I just quickly picked out one websites testing:
You can see that the Atom 330, is about 50-75% the performance of and E6300
The BlueRay drive will work fine, however playing movies will be a problem unless the CPU is paired with a good graphics card that can take the video processing.
I went ahead and built the system as I said and it works great. The motherboard has an HDMI output and so drives my 32" HD TV and has a great picture.
Thanks all for the replies.