If looking to save money, I'd go with the 4590 and r9 290. The 390 is basically a rebadge of the 290 with 8gb vram which won't do much unless you're running a large resolution/mulit monitor display type setup. The overclocking of the 4690k may be beneficial later on if/when it starts to bottleneck cards that won't come out for another 3-4yrs or so (based on i5 2500k performance and current 'future' gen cards that didn't exist when the 2500k was current).
The difference in speed with a moderate to decent overclock of 4.4ghz to 4.6ghz on the 4690k over the 4590 locked i5 is a 900mhz to 1.1ghz improvement (if all 4 cores are loaded on the 4590 it will drop from 3.7 to 3.5ghz). 25% to 31% speed increase.
For most current games there's not much of a difference unless it's an extremely cpu bound title. Overclocking is more about down the road performance, being able to speed a cpu up once it begins to fall behind which will gradually happen as it ages and newer tech with improved efficiency and ipc performance comes about.