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@Aleksi
That frame is good but it would leave you with £140 to spend on everything else.
TBH theres little point getting a wheelset built up from entry level hubs. Either invest more money and get Miche or even Goldtechs on better rims-dt 1.1's or mavic open pros or cxp 33's or just buy an otp wheelset and save yourself the money you will spend on assembly and looking for cheap spokes.
If you buy an arrspok, again you would blow more than half your budget on a piece of doo doo.
As with the rest of the parts you cant really second guess things like 'second hand nitto' you should wait and see what comes up.
£500 will build you a very nice bike out of second hand parts which you will need to spend time looking for. If you blow it on brand new shiny bits your not going to have quality where you need it most.