No. 1266Mhz is a higher clock speed than 1050, not a cut. Fewer shaders, but they run at higher frequency. IPC stands for instructions per cycle, so is lower on the 480 once clock speed is equalised.
390X: 2816 Shaders at 1050Mhz
480: 2304 Shaders at 1266Mhz
2304 Shaders + 22.2% = 2816 Shaders
1050Mhz + 20.5% = 1266Mhz
So bar 2% the performance from Shaders + Mhz vs Shaders + Mhz is a 390X.
But that's assuming no architectural changes, which we know Polaris has a lot, that doesn't mean it will be any faster per Shader / Mhz, but if not, why bother?
it could also go wrong and end up much slower.