Hi, you can go E8500 (65W) or E8600 (65W) Core 2 Duo . Dual core is a much cheaper than Q9650 (90W) and it may have faster single core performance. (E8500 $14, E8600 $21, Q9650 $92 in AliExpress). I would seriously consider E8500.
Remember that Xeon 5xxx variants do not work because of the Intel Q35 chipset in Optiplex 755, even if they are sold as compatible CPUs. The problem is dual cpu capability. 755 does not take dual cpu ready Xeons. Properly modified LGA771 or LGA775 single processor 3xxx series CPUs may work. For example, a X3363 (80W) LGA771 quad core Xeon with LGA771 to LGA775 adapter is reported to work (cpu-z validator, id: 3172436).
However, LGA 771 5xxx Xeon CPUs work for some other chipsets and they are available in cut and welded versions requiring no longer modifying the system board. They are a lot cheaper than Pentium versions, so it is really a shame that they don't work in Dell Optiplex 755.
L3360 is a quad core wit 65W power consumption, one for sale for $90/eBay. The best likely compatible quad core I can find would be Xeon X3380. It is the best LGA 775 CPU with 3.16GHz/12M. The price difference I have seen between single X3380 ($160) and E8500 would almost feed me for a month. They can still be found for a more reasonable price in lots of 10 CPUs.
Some sources also say that upgrading to Optiplex 745 copper CPU cooler is a good idea if upgrading to quad core, the others say it is not required. Check the power requrements of the CPU compared to the old CPU. As Toadknick said, remember the Bios update before upgrading the CPU.
Someone is selling Nvidia GT 610 2GB model in eBay for Dell 755 so it may work for you too. It is also possible to upgrade the power supply. There are no connector for extra power cable for GPU, but there are adapters for SATA power cable connector. If you go that route be sure to buy adapter meant for powering GPU from Sata power connector, not an adapter for powering Sata drive from Molex connector. See Terry Kennedy's Dell Optiplex 755 Upgrade Project discussion for details.
You might also consider upgrading memory. Optiplex 755 can take 16GB as 4GB modules. I have no idea if larger modules do work. If someone has spare PC2 8GB modules to test it, I would like to know if they work