Snipedubad :
Should I be overclocking the 4770k or is it not worth it?
Yes, it's worth it.
I do however recommend you get at least a Cooler Master Hyper 212 EVO for $30 as it will also run your system quieter, even when idling.
I have my i7-3770K overclocked to 4.2GHz (each core) which is a pretty mild overclock by only 8% as I could do that with no other changes to Voltage etc, thus keeping a pretty cool overclock and not screwing with the Intel power management.
8% may not sound like much but it can add a couple Frames per second so why not?