No, your PSU will only draw as much as it needs, wont damage your components. However, some PSUs achieve their best efficiency at a certain amount of load, usually higher than 60% but lower than 90% if I remember correctly. Thus, your 1200W would be wasted.
lloydkayak - 550W for a gaming system is plenty. If I was you, I wouldnt question whether it was powerful enough (assuming thats the rated and not peak power), I'd read reviews to find out how good its quality is.
I mean, its perfectly possible that the GX 550W is a good quality PSU and good for your needs. Dont discount it until you've read reviews on it. Find out more information, if it looks dodgy, get something else.
lloydkayak - 550W for a gaming system is plenty. If I was you, I wouldnt question whether it was powerful enough (assuming thats the rated and not peak power), I'd read reviews to find out how good its quality is.
I mean, its perfectly possible that the GX 550W is a good quality PSU and good for your needs. Dont discount it until you've read reviews on it. Find out more information, if it looks dodgy, get something else.