For optimized applications like the Adobe suite, most professional CAD software, the majority of video editing and encoding applications and anything else that DOES take advantage of more than two cores or threads, it would be advantageous to use a Xeon or i7 over the i5. People often forget to acknowledge the fact that in addition to any cores/threads used by the application itself, the use of multiple simultaneously opened applications, browsers, downloads, and the OS services themselves, all need resources which can be used independently of what a single application might be able to utilize if it alone was being considered.
I'd recommend the Xeon E3 1231v3 or 1241v3, which have 3.4 and 3.5Ghz base clocks respectively and as such are NOT slower than the i5-4690 or 4690k base clock. Also, the Xeon E3 CAN be minimally overclocked on some motherboards, just not using the multiplier, and the effort probably isn't worth the investment in time, energy or effect on stability.