I don't think an i7 is worth it, unless you have some specific application in mind with good hyperthreading support.
The i5-4670k is the best processor I'd put in a gaming rig, a 4430 does the job fine. Don't really know about AMD, but generally those have lower per-core performance, which means poorer game performance.
A better GPU always gives a notable performance increase. I wouldn't settle for anything less than a 760 right now. R9 280X is another one with good price-performance from AMD if you want to spend a bit more.
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