Some of what you posted does not make sense, but to answer your question I would still go with a GTX470 atm as it does overclock quite well.
if you overclock a HD5850 to the same speeds as the HD5870, the HD5850 will hold its own and very well against it, however in some situation it may be 10% slower than a HD5870 some people have tried.
the GTX470 does overclock well, but not as well as the HD5850 thats the point, okay fair enough it has less cores which does make a difference compared with its bigger brother, but for £200 thats just uncanny. It will be interesting to see a bechi with a GTX470 overclocked to its max and a HD5870 I got a feeling the HD5870 still maybe faster.
for the moment as you can tell I ve got two older gen Radeons which I am not upgrading, as I see little point in it.
Personally I m waiting for the smallier fermis to pop out and play unless they take up too much power, I only want it for linux