What would be more effective is determined by the games you play.
Here is my stock approach to finding out:
Some games are graphics limited like fast action shooters.
Others are cpu core speed limited like strategy, sims, and mmo.
Multiplayer with many participants tend to like many threads.
You need to find out which.
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To help clarify your CPU/GPU options, run these two tests:
a) Run YOUR games, but lower your resolution and eye candy.
If your FPS increases, it indicates that your cpu is strong enough to drive a better graphics configuration.
If your FPS stays the same, you are likely more cpu limited.
b) Limit your cpu, either by reducing the OC, or, in windows power management, limit the maximum cpu% to something like 70%.
Go to control panel/power options/change plan settings/change advanced power settings/processor power management/maximum processor state/
This will simulate what a lack of cpu power will do.
Conversely what a 30% improvement in core speed might do.
You should also experiment with removing one or more cores/threads. You can do this in the windows msconfig boot advanced options option.
You will need to reboot for the change to take effect. Set the number of threads to less than you have.
This will tell you how sensitive your games are to the benefits of many threads.
If you see little difference, your game does not need all the threads you have.
It is possible that both tests are positive, indicating that you have a well balanced system,
and both cpu and gpu need to be upgraded to get better gaming FPS.
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ryzen 3 1300x is somewhat of a sideways move.
I5-3470 has a passmark rating of 6636 and a single thread rating of 1912.
R3-1300X has a rating of 7304 and a single thread rating of 1852.
My guess is that a graphics card upgrade would be more effective.