Utilize :
See, that's the thing. I don't know if I will need to... Would downgrading to a 4590 or even a 4460 be an option without bottlenecking the graphics card? The cooler would be a CoolerMaster Hyper 212 EVO.
If you are not overclocking, the difference between a 4460/4590 and a 4690k would be almost unnoticeable in gaming performance. It only becomes worth the money after you make significant gains in clock speed...think 4.2Ghz+. A GTX 970 and an i5 (of any speed) is a very balanced build and you only stand to gain some FPS in certain CPU intensive titles.
If you want to leave the option open for the future, then buying a 4690k, Z97 board, and aftermarket cooler is not a bad choice. But remember, a quality Z97 board and cooler for significant OC'ing can cost you an extra $80+ on top of the premium for the "K" chip. And you are still gambling on the silicon lottery.
For some people (myself included, just not this current build[no $$$]), the joy and challenge of overclocking in itself is worth the money. Are you that kind of person?