That'd be a tad heavy on my pockets actually. Also, I'm not sold on how much it could actually have a difference in terms of gaming experience. But that's coming from someone who is building his first high spec gaming build. So I'll probably buy it after I get my GPU first. Lastly, is a PSU of 500W enough ? Any additional cooling needed for 2070 if i'm pushing to get 144 fps(only few games i guess) ?
On your PSU, yes. Upgrade it if you have the budget for it. PCPartPicker has a tool that lets you see how much wattage all the parts in your build should consume. Even if 500w is enough now, it will be a MASSIVELY limiting factor in the future. Consider a reputable 750-1000w unit. If you're looking to go with a 2070, Just look at reviews to find ones with suitably beefy coolers. You don't really need to worry about cooling on the RTX cards if you go Founders, but keep an eye out for custom coolers.
As far as bottlenecking, I double checked and you looking at a small bottleneck. I genuinely wouldn't sweat it though, considering you are looking at high resolution gaming. The higher the resolution, generally the less the CPU matters. (Hence why an i7 4770k is still a good choice for budget 4K.) If you're worried about bottlenecking the 2070, maybe consider a 1080, or a Vega 64/FE. Lastly, maybe consider a better CPU cooler so you can overclock that i5 a bit to make it catch up to the 2070.