Depends on the software. Are you rendering 2D or 3D? If it is 2D - is it Premier or Sony Vegas for example? Do you use GPU acceleration? What is the GPU? If it is 3D - which render engine are using? Mental Ray, VRay or something else?
If it is Mental Ray - the I5 will win. Mental Ray has few render prepasses that are not multi-threaded. If it is VRay - I7 will win. VRay is very optimized for multiple threads. Just is just a single example.
That is a comparison of a stock I5 vs a stock I7. With the 4.7 OC on an I5 - it will be chasing and maybe overtaking I7 is many scenarios.
Yes that's correct but you can extrapolate what the i5's performance is likely to be with an OC. Now a huge amount depends on what software the OP is using
No you cant. OC does not scale linearly with render performance. This is not a synthetic benchmark. Going from 3.5 to 4.2 GHz has brought me 1/3 reduction in render times with Mental Ray in some very rare cases. In others - it brings as little as 10%.
Some other software are consistent though. XNormal AO baking scales exactly linearly with clockspeed.
Really, it depends on the work and programs your using that determines your solution. More cores is usually the way to go when it comes to rendering but if the program is single threaded except for the renderer as just about all 3d programs are, the choice becomes harder.