If you plan on editing then yes, the extra threads of the i7 will help you, helps a lot in rendering too, bur for light editing a i5 would work too. If your budget permits it go for the i7. Also you can also consider a Xeon cpu:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Xeon E3-1231 V3 3.4GHz Quad-Core Processor ($247.98 @ SuperBiiz)
Motherboard: ASRock H97 PERFORMANCE ATX LGA1150 Motherboard ($80.91 @ Newegg)
Memory: PNY XLR8 16GB (2 x 8GB) DDR3-1600 Memory ($137.99 @ Amazon)
Storage: Samsung 840 EVO 120GB 2.5" Solid State Drive ($86.99 @ Best Buy)
Storage: Seagate 3TB 3.5" 7200RPM Internal Hard Drive ($119.99 @ Amazon)
Video Card: MSI GeForce GTX 770 2GB TWIN FROZR Video Card ($324.99 @ NCIX US)
Case: BitFenix Shinobi Window ATX Mid Tower Case ($54.99 @ NCIX US)
Power Supply: Fractal Design Integra R2 650W 80+ Bronze Certified ATX Power Supply ($64.99 @ NCIX US)
Case Fan: BitFenix BFF-LPRO-23030B-RP 156.3 CFM 230mm Fan ($22.49 @ OutletPC)
Case Fan: BitFenix BFF-LPRO-23030B-RP 156.3 CFM 230mm Fan ($22.49 @ OutletPC)
Other: Bitfenix BFA-ACL-30BK15-RP Alchemy LED Connect Lit Strip 30CM 15 LEDs - Blue *OEM* ($21.99)
Total: $1185.80
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-09-01 17:56 EDT-0400
It performs like a i7 4770, but it doesn't have a igpu, but as you'll use a dedicated graphics card you'll not be needing the igpu. I also replaced the ram in your build for one kit and took out the two hard drives and put a 3 TB HD.
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