For gaming the i5 would certainly yield better frame rates and I think that still stands when recording as well. The i5 is also faster in most media creation applications as well. I know the 8350 excels at streaming games so keep that in mind if you ever plan on that.
Other than that I don't think the 8350 has much of a chance against the 4670K other than maybe a little more overclocking headroom if you're comfortable.
With that said, a 4670K may be a little bit overkill for games like TF2 and light multi-tasking, an i3 or quad core FX would do the job in my opinion.
8350+cooler will yield the best results for photoshop.
And for gaming its pretty good too aswell
Go for it
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