If you are even going to think about playing games (other than at 800 x 600, low settings, 0xAA/AF) you'd need more than 128MB; 256MB would be fine though. The HD 2400 PRO is not a gaming card at all. It is made for the budget user who wants, like what you said, browse photos and general user PC stuff. If you want to play games, I'd suggest checking out the new HD 3850 for $180.
I own a Samsung 226BW 22" LCD and I use a x1950pro 256MB card. I can run just about every game (except crysis ...) at 1680 x 1050 max settings, highest quality textures and max AA/AF and still get in the 25-60FPS range.
As for the monitor.. Samsung is a VERY good company for monitors, probably one of the best. I own two Samsung monitors; a SyncMaster 931c "WCG 2006 Special Edition" and a SyncMaster 226BW "C" Panel. Both excellent monitors that I love.
The 2220WM is also a great monitor with specs slightly under the 226BW/CW. Because of this, the price is much lower. However, the specs are still nice and are very similar to other 22" LCDs out there. If you have the budget you can consider the 226CW ("S" version of the BW). But 226BW/CW will set you back an arm and a leg. If you don't have the budget for a 226BW/CW or don't want the world best 22" LCD, then the 2220WM will be fine. Just don't get the Viewsonic 22"s... they are ehhhhh.
My mom's dell can do photoshop and photo related stuff running Vista Business 32-bit on a Radeon x600 128MB using a ViewSonic 22". So yes, your selection will work. She has a P4 3.4GHz w/ HTT processor so Photoshop is a tad slow. Since you have a E4500 (OC'D?) you will get better results in Photoshop.
If you are running Vista, I hope you get more than 2MB of ram.