Made a few changes to squeeze out more... Bumped the mobo, GPU and PSU and case, reduced the ram, used 1 TB HDD and different AIO cooler.
Intel Core i5-3570K, Gigabyte Radeon HD 7950, Fractal Design Define R4 w/Window (Titanium Grey) - System Build - PCPartPicker Canada
See what you think.. same on the budget. This is my opinion of what to do with the budget.
May consider going for an air cooler though, you can get air coolers that are quieter than, cost about the same as that one and will cool as good if not better. but differences won't be massive.
And I like how AIO's clean up a build with a window
The other board should be fine if a little limiting (as it's micro ATX.)
You may notice I tend to not bump 1 thing with different budgets.. I try and build a good balance of system so that you have quality throughout. (though the 3570k is so good I try squeeze it in where I can)