It would depend on the game, whether or not it's gpu intensive. To a degree the gpu will be a limiting factor but the i5 would be the one to keep. Stronger performance in most tasks including games. Where the cpu isn't taxed as much by a game, the i5 certainly won't perform worse. There are a few gpu intensive games that scale well and aren't very cpu demanding where the 8320 might come close to catching up but that's the best it will do. That's true of the 8320 overclocked vs the i5 stock much less overclocked. Intel cpu's are capable of more instructions per clock making it difficult to compare frequency (speed). 4.5ghz on an 8320 is more like 3.8ghz or less on the i5.
Update: here's a link to a few benchmarks for comparison. Neither...