It would be slightly better than what you have and yes it would work however i wouldn't recommend it as the 8350 is easily beaten by cheap and modern i3's and Pentiums are not that far behind in Gaming. You would be best off grabbing a new socket not upgrading a dead one if you can. I would suggest waiting a couple more weeks for Ryzen 5 to drop as it will add a lot more variety and competition to the market and should open plenty of good upgrade options. Hope this helps
@Black Dovahbear he did provide the Motherboard > https://us.msi.com/Motherboard/760GMA-P34-FX.html