Upgrading First Build for Video/Better Gaming

I'm looking to upgrade my PC so I can actually start streaming and making videos for my raid group in wow, making music, and also to make my gaming more smooth. I only ever really play MMOs and MOBAs with the occasional single player game (nothing to intensive though), so my current build is solid enough for this. But what I didn't realize was how bad it would be for streaming and rendering.

 

Here are my current specs, and I am aware of how bad this build seems, or so I'm told. I was helped by a friend of mine who I'm assuming had less knowledge than he led on.

 

My PC:

AMD Phenom II x4 965 - Black edition

Fractal Define R4

AsRock 990fx extreme3

2 SLI'd 650TI Boost edition

500gb WD Green Drive (Obviously not keeping this)

600 watt Cougar 80+ Silver PSU

Zalman LQ-315 water cooler

8g Kingston HyperX 1600ghz

 

First, I'm wondering if the intel upgrade is the way I should go. Getting an i7 4790k and a new Mobo for it is doable for me, and it's definitely the way I'm leaning currently. But would I be better off at a lower CPU price-point so I can buy both an SSD and a larger hard drive? Would I get good enough performance for rendering and streaming at 720p(would like 1080 but the difference is not incredibly important) sticking with my current mobo and only upgrading the cpu?

 

The price point I had in mind was around 400 - 600 for the upgrade if that's doable.

Well, the build is actually not THAT bad(depending on when you got it).  4 cores just can't handle streaming and video editing.

Consider a:

Xeon E3-1231 V3 or 1241 V3.  These are essentially i7s with locked multipliers(basically the overclocking capabilities are lessened by quite a bit) and no integrated graphics.

H97 motherboard.

That combo should be much cheaper than a 4790k and a z97 board.  it would be great for streaming on a budget.

Then you could grab a 1TB WD Blue drive and a 120GB SSD, perhaps?

http://pcpartpicker.com/user/deejeta/saved/Cn3scf

8320E low power 8 core vishera fx cpu (you'll just need the latest BIOS), good ssd and hdd.   <$400

Only other thing I'd suggest is to part ways with both gpu's and go for a stronger single card solution. With cards like the WF3 R290 (http://pcpartpicker.com/part/gigabyte-video-card-gvr929wf34gd) so cheap you could sell your 650's for say $100 then its only another $170 and you have a gaming beast again. All stull under your max budget.