Hi
I have an FX-8350 and its a gaming build too. I will give you an honest answer (no AMD fanboyism).
Its a good processor but if you want to compare it to the i5 you need to evaluate what kind of software you will be using.
AMD's 8 core processor are really good for the price if you're going to use multithreaded sofware such as video rendering and stuff like that. Games that use multithreading are more common over time because of the new consoles (the PS4 have 8 cores so PC ports will work great with the FX-8350) but are still rare and i doubt most of them are going to use the FX 8 cores. The only game that i can think of that will really use the FX multithreading capabilities right now is BF4.
Also two of the major con's of the FX-8350 is the heat output and the power usage (generally 240 watts when loaded, and over 300 watts if you intend on overclocking).
The GPU you have right now use approximatelly between 125 and 150 watts. If we put the worst case scenario your power consumtion only for the CPU and GPU would be 390 watts if no overclock and 450+ watts if overclocked (This doesnt include everything else on you computer). With your 500w power supply I wouldn't recommend overclocking since you'd be really close to its limit and generally you want to leave a little extra just to be on the safe side.
I live in Canada and here its generally cold and the worst temperature i can get in the summer is around 30 degrees Celcius and i dont use AC. In a small room my computer can drastically increase the temperature up to 35 degrees. I saw that you live in egypt so that might be a problem if you dont have an AC like me.
Also even if the FX is cheaper, you have to consider the electric bill, the i5 youll be using use 190 watts loaded, so approximatelly 50 watt less. I dont know anything about electric prices in egypt but it wasn't a problem for me since we have cheap electricity in Quebec.
If you want to see the recommended PSU wattage for any kind of build you can follow this link (thats how I knew all the numbers):
http://extreme.outervision.com/PSUEngine
About the I5, I dont have one but what i know about it is that it will use less power, make less heat and will generally have better performance with single threaded software.
With your 500w power supply and with the fact that you will be mainly gaming, id recommend you the i5. You always want to leave some room for you PSU in case you want to add stuff in your computer later. Also, i dont know the number for an overclocked i5 but i belleve you will be able to overclock it safely with your power supply.
I like the FX-8350 because its good at multithreading (i can render videos almost just as well as a i7), but you also need to consider its cons. You should check on google what kinds of games you will be playing to see if its multithreaded or not.
Here's a summary:
FX-8350:
Pros: -Good at multithreading (Almost as good as an i7 and definetly better than an i5)
-Cheap price (check your electric bill though)
-Overclocks easily since its unlocked (i would'nt recommend it with you PSU though)
Cons: -Heats up a lot
-Use more power
-Perform almost like an i3 for single threaded application (some times its comparable to an old i5)
Intel i5:
Pros: -Better at single threaded software (most games but not always)
-Lower power consumtion and therefore heat output.
Cons: -Not as good on multithreaded software
-Price is a little bit higher.
Thats all I know about these processors, the choice is yours. The're all good processors but you need to choose one according to your needs and the type of software you will be using. I dont know anything about those motherboard but i use the gigabyte GA-970A-UD3P and its hasn't failled me (great MOBO if you dont intend on overclocking too much).
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