Honestly, you're not likely to see a huge difference in terms of numbers between the two for rendering. Certain software packages will show the 8350 keeping up with the i5. However the i5 will perform better in the majority of cases.
In terms of gaming, once again the i5 will perform better in most cases. Once again the 8350 will perform very well and is by no means a bad chip, but the i5 will edge it out in terms of performance most of the time.
Also consider that the K version of the i5 is made for overclocking. If you do not plan on overclocking you can grab a non-K version and perhaps put some of that extra money towards another upgrade (an SSD would provide a considerable speed boost).