So, what's your decision then?Started doing a little work with Kontakt (a popular Virtual Instrument Collection) and I think I finally have an answer for myself. Virtual instruments can be very CPU intensive. With only five active I was able to utilize 55% of the i5 CPU (all 96kHz 128 buffer today). The i7 was more like 20%. This was even more true during the recording process where resources are taxed even a little higher. Surprisingly for the same load the temperature difference between the i7 and the i5 is very minimal. It's a gig day for me so no more this today but I will leave these pictures for people to take a look at....
Also, do you absolutely have to buy now? I get that you want to sell your Mac Pro now for resale value reasons, but it sounds like neither the base model 7500 nor the top model 7700K may be the perfect fit yet.
Have you considered just waiting until next year? Interestingly, rumour has it the new i7 will be 6-core around 3.5 GHz with Turbo Boost up to 4.2 GHz. Or at least, there is an engineering sample with those specs floating around. The final product could be even faster. Undoubtedly, this will be a hot chip, but even more interesting is the i5 as you likely know will be around 3.5 GHz or faster, 6-core with 6 threads. I don't know how hot this one will be but it would be significantly cooler than the above i7. A chip like that if the power numbers are reasonable might be a reasonable middle ground for you next year. Not as powerful as a 12-thread i7, but much more powerful than the current 7600K for multithreaded applications like yours, and powerful enough to give you lots of headroom for the next few years.