It's a too complicated to answer definitively, as there are variables in both 1&2.
For general tasks, your GPU being the bottleneck (not being as strong as the CPU), is likely to be much of an issue.
Gaming, you want a fine balance between the CPU & GPU. If it's a CPU intensive title, a GPU bottleneck isn't necessarily too-too bad (although if it's reaching 'bottleneck' territory, it's not ideal anyway). Conversely, if you're playing a GPU intensive title - a lesser CPU might not be too bad.