maybe ?? you only know once you install it fire it up and stability check and make needed adjustments
overclocking is at your own risk and nothing is guaranteed
you know to be honest I use non k chips on z boards with 1600 and all is well I don't mis overclocking one bit and have far less issues [but that's just me ]
you could go with a z97 and a xeon to get hyperthreading that a i5 don't have save a little over a i7 [but you will need a vid card and check your boards support of all xeons you can use on it ] I went with a z board so I can have sli and a better upgrade path if I needed it ..
http://ark.intel.com/compare/75462,80909,80910,80811,80807
if this is your board ?? looks like xeons are supported plenty in the supported cpu list
http://www.gigabyte.com/support-downloads/cpu-support-popup.aspx?pid=4968