Bang for buck

Depends on the conditions of the workload:
Performance goals? (FPS)
Visual quality goals? (resolution?)
Specific games?

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The i5 + 285 configuration is better suited to playing 1080P at a fairly consistent 50+FPS with high visual quality settings.

The 8320 + 970 configuration is better suited to playing 1440P at 30+FPS with ultra visual quality settings.

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The i5 is the better CPU for performance, regardless of the GPU selected.
The GTX970 is the better GPU for running higher visual quality settings, regardless of the CPU selected.