The GT530 graphics card will definitely be holding back your PC.
It's not a very good card for a gaming machine, in fact you should be throwing a large portion of your budget at your video card.
Modern Gaming is much more intensive on the GPU (Graphics Card) rather than the CPU.
Yep, noted. Which is why upgrading the stock GPU on the Dell would be one of my top 2 priorities.
Was reading reviews on Newegg and thought this might be a viable candidate:
* HIS IceQ X Turbo H695QNT2G2M
Radeon HD 6950 2GB 256-bit GDDR5
Just not sure if that card would require a PSU upgrade as well?
Again, I am open to suggestions on upgrades. That GPU may be overkill for my needs.