The frequency of the CPU is irrelevant when comparing an i5 to an i7, Xeon or any other processor. Frequency of a processor is not as important as it used to be, a 3.3GHz Xeon will outperform an i5-4690K even at 3.9GHz. To illustrate this point, a Pentium 4 with an overclocked frequency of 7GHZ would be absolutely annihilated by the i5-4590T at 2GHz. You may only compare frequency when both processors possess the same micro-architecture, for example the i5-4430 (3GHz) vs. the i5-4460 (3.2GHz); they're both the same except for their frequency.
With all that said, the frequency is irrelevant and the Xeon is a better processor whichever way you look at it. The Xeon won't bottleneck your GPU; you can even purchase the GTX 780 or GTX 690 and you're still good with the processor. The GPU doesn't necessarily bottleneck your CPU, however if you want better graphical performance you could purchase a better GPU; not that the GTX 770 is weak but you could purchase a R9 290 for the price you're paying.
The Xeon E3-1230v3 is quite a signification margin better than the i5, remember that the Xeon is similar in performance to the i7-4770 but at a fraction of the cost.
To conclude the above, the Xeon E3-1230v3 is significantly better in performance over the i5, and you could get a better GPU for the price you're paying (the GTX 770 you've selected is overpriced). Why not go with something like this?:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Xeon E3-1230 V3 3.3GHz Quad-Core Processor ($284.98 @ Newegg Canada)
Motherboard: Gigabyte GA-Z97-HD3 ATX LGA1150 Motherboard ($115.75 @ Vuugo)
Video Card: Gigabyte Radeon R9 290 4GB WINDFORCE Video Card ($399.99 @ NCIX)
Total: $800.72
Prices include shipping, taxes, and discounts when available
In your first post, if you were to purchase the i5, GTX 770 and the ASUS Z97-A you selected, it would have cost you 865.94, whereas with the above, you're getting more [performance] with your money for $65 cheaper. It's also worth noting all prices in this post are in CA Dollars.
All the best.