Not quite, that would be total power draw for the entire system, not just the 4890s. The difference between full GPU load and idle GPU load is roughly what the GPUs draw. It’s no where near 420W, it would be closer to ~200W. Add on the power consumption of the rest of the system (CPU, motherboard, fans, hdds, etc) and then you would be closer to the ~400W mark which is possibly a minimum figure.
So in reality, a PSU with roughly 500W - 600W would do the job as long as your system isn’t a total power hog. To give further examples, my system which is over clocked and running similar GPU power only draws 550W from the socket under 100% CPU and GPU load (Furmark and Prime95 running at the same time). Under normal conditions, it is much lower again.
Still, I like to play it very safe, so I have a 1.05kW PSU. Main reason being is that I should never be in a situation that will make me question whether I have enough power.
What’s also more important to determine is the amperage that is provided on the 12V rails. That is why I would like to know what model PSU you have.