You'll have to experiement to see how well your CPU and GPU overclocks..... just don't push things too high all at once, go in small increments and test temps and stability until you're happy with it.
As to bottlenecks......your GPU is far weaker than what your CPU can support, the GPU is without a doubt what's standing in your way.
the 8350 can be comfortably paired with a Radeon RX 580 or a GTX 1060.... you can go as high as a Vega 56 or a GTX 1070, but you will have a slight bottleneck so it doesn't make as much sense for that CPU as the other two cards I mentioned
I basically agree with the Grim.
But I would add with the RX590 coming out now the RX580 should be cheap and perfect for you needs. Get an 8GB version, nothing less.
Also see if you can find some matching ram to bring your total to 16GB.
It will be like a whole new computer with these two.
And.. I'll just add, seeing as you have a decent PSU, you can add any gpu, even a 2080/vega. they may not perform to their maximum but they'll still be better than any underling and the next time you upgrade your old CPU they'll shine even brighter. Just sayin'.