That xeon is rather old (circa 2009), while it is quad core with ht it's also only 2.2ghz on old architecture meaning slower than even 2.2ghz of something more recent. Hard to tell but it may bottleneck the 970. In any case, poor gaming performance. Good luck finding an x58/lga1366 mobo new unless it's way overpriced due to being outdated/obsolete. For the price they're running used on ebay you're still going to save money buying a brand new h97/z97 motherboard.
It's not easy to find benchmarks between desktop and workstation (i3/i5/i7 vs xeon) cpus much less that far apart in age and platform. Going by passmark scores, that e5520 xeon scores 4446 points vs an i3 4160 (around $120) dual core with hyper threading which still manages to outperform it at 5038 points or a locked core i5 4460 (around $176) quad core without hyper threading which scores 6662 points.
My advice is resell it, give it away or whatever and look to get something current. At the very least check ebay or other used part venues for a used 2nd or 3rd gen i5 and matching motherboard and go from there if you're on a tight budget.