The graphics card will be more important for VR games. I have an i5 4440 with a 980ti and my processor doesn't throttle me at all in any of the speed tests or games. The graphics card will be more beneficial when you want realer graphics and smoother performance.
I would personally go with an 7600k if I had to buy the i5... I think you'll like the OC potential for the long run. The 1070 is the better choice for VR and I think you'll like the better graphics card in the long run...