Rhezner :
no the stock i7 is better in almost every way to a 4690k overclocked, it is faster in most applications and most gaming, It also has hyperthreading witch is a fantastic thing to have. And a 4690k is extensive to overclock, you need to spend more on the motherboard and on the cooler.
look at these benchmarks
http://www.anandtech.com/show/8227/devils-canyon-review-intel-core-i7-4790k-and-i5-4690k/2
The applications in andtech's CPU Bench are not commonly used apps and are there to help peeps decide whether they need a workstation build..... The OP's stated focus is gaming and hyperthreading provides no benefit here. Normal office apps, web browser usage, common utilities do not take advantage of the extra threads at all.... CAD, Rendering, Video editing, yes...typical stuff no.
Many game oriented overclockers will by an i7 and then turn of HT, to keep temps down (as much as 10C lower). You could turn off HT on any 4790k and, unless you use an app that uses it, most peeps would go years w/o noticing.
One thing I always find interesting is setting affinity to use certain threads and seeing if it has any impact on performance. My primary workstation box uses an i7, .... it also serves as a SOHO server, for network storage and is accessed by both my office and my family. There's no observable performance difference in AutoCAD, Gaming, Open Office, file server access, media server, with 4 or 8 threads active, even while multitasking. Can I create scenarios where it make a difference ? Of course I can.... but that's just it, I have to "create them".
I could install Chrome and open 25 tabs, schedule backups from all 12 networked machines at the same time, do mass file conversions, play CPU demanding game or host a game, run 4 monitoring utilities that do the same thing, have the kids all use media server at same time but I just don't do those things in normal use. When I open Task manager on any given day and monitor thread activity, there's 2 or 3 threads spiking and the rest have very little going on.
If the budget is there, I'd always get a 4790k..... HT aside it is a better CPU even w/ HT turned off. But no way would I ever consider a non k processor.....and no special MoBo required. Yes, you will want a better cooler if overclocking.
But keep this in mind. Run OCCT or something similar on a 4790 and the test will terminate. The stock cooler can't keep the CPU under 85C. So if you are going to put major load on the CPU so as to actually get an advantage of those extra cores going full throttle, you will want a better cooler anyway.