ArkHavoc :
RazerZ :
Depends on the game. In older games which don't make use of more than two cores the G3240 ( or now G3258) should work fine. In any of the newer/more demanding games such as Crysis 3, Battlefield 4, Watchdogs, etc. the i5 would be a much better choice mainly due to it being a quad core.
all that I would be playing are: Skyrim, Elder Scrolls Online, Smite, Minecraft, Would it match the i5? I am on a heavy budget that is the only reason why I am having this discussion.
Should be fine for those games. The i5 will have higher fps, but overclocked it should come close. I'd expect fps around the 60s for high settings unmodded at 1080p (besides minecraft).
Rather than spending money on an G3258+Z97+212 EVO it would be a much better choice to go with a locked i3 and a h81 motherboard.