First of all, I recommend a Z97 motherboard, unless there is solid reason why the Z87 version is better (cheaper?).
As for overclocking, I would highly recommend just running the default 4.4GHz which any Z97 can do. Just choose "XMP" in the BIOS and save. (and for cooling a Noctua NH-U14S is a great choice unless fan color is critical).
Going above 4.4GHz is likely to eliminate most of Intel's Power Management tweaks which then causes the temperature to rise quite a lot. It will make usually no difference in the slightest for gaming, and even if you could utilize the CPU fully you're talking about a 9% improvement for going to 4.8GHz which for a well threaded program like Handbrake would be lucky to translate to a 5% savings in time...