Ah sorry didn't notice.
I think you'd best overclock your i5 a bit higher, to may be 4.0-4.2GHz. It's not so much that your CPU isn't faster enough, but it is more about compensate for the shortcoming of lots of games not using less than 4 cores, so you'd need the extra power for improving the scaling with your CF5850.
As for overclocking your 5850s, I would say give the voltage a bump of 50mV, and see how high you can push the overclock. Download Heaven Benchmark 2.5 Basic Version for quick stress testing for checking stability...if the the overclock is very unstable, the graphic driver should crash (or might even black screen and crash your PC) very quickly within the first minute of running the bench. Do the Heaven Bench for about 3 loops to see it doesn't crash. If it is stable in the Heaven Bench, but not stable (crashes) when running games, give the the voltage a tiny bit more bump (say may be another 10-20mV) should stablise it...if not, may be try lowering the core clock a bit.
Also, focus on just overclocking the core clock first and ignore the memory clock, as it affect performance much more. Only when you are certain the overclock for the core clock is stable should you start to overclock the memory clock. Almost all 5850 would overclock the memory clock by at least 100MHz without problem.