The processor should work as the spec sheet says it supports all cpus for the chipset. However, you won't be overclocking anything using the bios on this machine. You can use some other programs to possibly do it like throttlestop, but that's in software not hardware so there's a lot of limitations.
Upgrading from the 4590 to a 4690k and running the 4690k stock won't do much for speed at all. However, the 4790k is a real beast even in stock form and will be a serious kick in the pants:
https://www.cpubenchmark.net/compar...l-i5-4690K-vs-Intel-i7-4790K/2234vs2284vs2275
The problem is that the 4790k isn't cheap because of this. I've been looking for one at a cheap price now for months to upgrade my Dell 3020.