Hello!
My suggestion would be that you get the i5 7500 as it meets your exact budget, and still provides great performance. It is also compatible with lga 1151 so that clears that out of the water.
The other thing that needs to be taken into account is what are you doing with your chip. Are you gaming, editing, or just surfing the web. For gaming, there will be a pretty decent performance increase, but in terms of video editing you won't notice that much of a difference due to the multiple threads of the i7 2700k.
Hope this was of some help!
- Nate of Ralleon Custom Built