1| For a Z170 chipset it seems to a form of bare minimum spec'd board with somewhat low quality capacitors and power phases. The purpose of going with a Z170 board is to overclock your K suffix processor and you're thinking of pairing it with an i5-6500 which in all honesty is a moot endeavor.
2| Drop down to a B150 or H series chipset motherboard.
3| Best would be to
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