Question -- do most out of the box 1055Ts reach ~4 GHz?
The harsh reality is that no overclock is guaranteed because each chip is different. Furthermore, the 1055T is a non-BE chip with a low multi. You will be at the mercy of your board's HT ref clock capabilities, as you will need to crank it up very high due to the low multi.
Question -- is this a good mobo to overclock on?
Just as good as any other board within its relatively cheap price range. Anecdotally, I've had good success with Gigabyte boards, but that's no endorsement or guarantee that it will do an HT ref clock of 286 to let you achieve 4GHz.
Any recommendations on RAM to get (somewhere between budget price and good performance);
RAM is a commodity item. Get whatever is the cheapest you can find. You can limit how much OC your RAM gets by lowering the divider, so it won't be limiting your OC, and it won't matter that you will be sacrificing RAM OC because it contributes almost nothing to real world applications, unless your job is benching SuperPI or memory-intensive benchmarks all day long.
What are the options to keep the system quiet without paying a bundle?
Case fans - relatively slow 120mm fans
CPU HSF - Corsair H50/H70. If you need something cheaper, the venerable CM Hyper 212+ comes with a fan that is also very quiet, and you can add another fan to it (naturally, you should add a quiet fan; the crowd favorite here seems to be Gentle Typhoons when it comes to quiet but effective fans). The same recommendation applies to its Thermaltake clone, the Thermaltake Contac 29 (it is much cheaper, but performs identically; locally, they are practically giving it away for the equivalent of $21 in my country)
All in all: I would generally say that the 1055T is a good buy. But if you only want it because you expect 4GHz, you need to be warned that it may not come true. If there is nothing specific that really needs six cores that you use, you may be better served with higher-clocked quad-cores such as the Phenom II X4 965/970 BE. I am assuming you have decided on an AMD system, but of course there are Intel alternatives that may or may not be more expensive.