As someone who has a 8700 (non-k) and a hyper 212 evo.... MCE does not work with non k models...... as long as temps stay good it stays at 4.3ghz across all cores when being used and higher when less cores are being used ie one 4.6ghz two 4.5ghz etc.
But to answer your question about the 8700 performing better than 8600k , all depends on the game, BF1 MP for example runs better on 8700 than 8600k OC'ed with higher end gpu , since cpu usage on 8600k can be pegged at times which can cause noticeable fps drops. But even at 5.2ghz i5 8600k at 1080p tends to be less than 10% faster than i7 8700 at 4.3ghz with majority of games. Also hyper 212 evo isnt going to allow you to get an i5 8600k to those levels of overclocking.
So if you want something that will last longer I would aim for Ryzen 5 1600 or 8700. Ryzen 1600 offers alot more leg room than i5 8500,since it has more cache, can overclock even with that hyper 212 evo, and has 12 threads and AM4 has an upgrade path to Ryzen 2 and possibly 3.
Also if this upgrade can wait Ryzen 2 will be out in a few weeks which you can pick up one of those or be able to grab 1st gen ryzen even cheaper.
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