rustin01 :
Thanks for quick reply. I currently have setup 1 and am considering if it is worth going for setup 2
Then i would rather suggest a full ATX motherboard and for the CPU go for a i7 4770 at lest otherwise you can't exactly call it an upgrade. More like a downgrade if not.
If you want keep the motherboard then there's also an option to move towards an Intel Core i7-3770 @ 3.40GHz which will be huge up compared to what you have. so you can spend rest on minor upgrade as well. RAM,GPU like stuff may be.