I don't think you can OC on that board, but even if someone hacked/found a way, you'd be putting significant extra pressure on the entry level power delivery circuitry on that motherboard. Not a good idea even if possible.
Having said that, there's no reason not to get a "K" CPU if it's cheaper. You won't be able to overclock it, but it'll still work, and if it's cheaper then who cares.
The only caveat I'd add is that if you're buying second hand, "K" series CPUs could have been heavily OC'd their entire lives... you really don't know. CPUs rarely fail/die of old age, even if they've been overclocked, but if you're buying one that has run on high voltages its whole life the chance is much higher. That might be why the non-K versions are a little cheaper.
Finally, you need to make sure that the motherboard has an up-to date BIOS. It was released before the Haswell Refresh CPUs (like the 4690K you're considering) existed, so if it's an original/second hand version, it might need a new BIOS before it can boot with a 4690K. The problem is that it'll need a working CPU to upgrade the BIOS. So you can get stuck having to find a cheap+old+compatible CPU to upgrade the BIOS before you can use the CPU you want.
CPU compatibility list for that mobo is here: https://www.asus.com/Motherboards/B85MG/HelpDesk_CPU/
You want BIOS version 2001 or later for the 4690K.