I also agree the slightly weaker CPU + GTX650 is the better solution.
FYI, the i7-4770S uses the HD4600 GPU which is pretty good (for an Intel GPU). However, here's a video that compares the GTX650 to the HD4600: https://www.youtube.com/watch?v=5XZcchxgnyY
Basically, the GTX650 runs the games a lot better. In the video the GTX650 version is first, then the HD4600 starts at the same settings and you can see it really stutters.
(The comment about Minecraft using the CPU, not the GPU is completely wrong. All games use BOTH, however there is an optimal BALANCE. A great CPU like the i7-4770S using it's HD4600 is not nearly as good as the slightly weaker CPU + GTX650.)
My macbook pro uses the intel 4000 hd and I can play Minecraft maxed out unless the blocks you render is like 20 and there are abundant players on the server