If you find a use for the extra threads available on an i7 (like Vegas) then get that. Assuming stock speed and turbo boost is 3.4Ghz and 3.8Ghz you should be able to raise it to or above 4Ghz, but no CPU is the same. Some non-K CPUs will get to 4Ghz, some can get above 4GHz, some will outright crash. Any of the three CPUs will be a good improvement over what you already have. Overclocking isn't the be all, end all of computing.
Assuming both i7s have the same clock and turbo boost speed then they'll perform the same if they're the same generation. You can't just use clock speed to compare CPUs. For example, an i5 2500K at 5Ghz could equal a i5 4670K at 4Ghz.