My suggestion is to use a I7-4790K with your existing H97 motherboard.
Passmark for the Xeon 6 core X5650 is 7601 at stock. Even with a aggressive overclock to 3.6(assuming that is possible with your motherboard) that would be the equivalent of 10248.
Compare that with a I7-4790K at stock of 11241.
For gaming, the 4 individually faster cores would be superior.
For rendering, the two might be comparable, but even then, the 4790K would have the edge.