So far I've noticed in quite a bit of testing that while they do happen frequently at the same time, they happen independently of each other as well. At this point, I cannot say with any confidence that the glitches recorded by shadowplay have anything to do with the supposed 3.5GB issue. When I'm done testing and have video to show, as well as the input from another party, I will post a link to that with a conclusion, if a conclusion can even be made.
Using Far Cry 4 to capture video to show the hitching that occurs above around 3.5GB VRAM usage, shadowplay captured these glitches, which appeared during play only as stuttering and short freezing. I'm not sure if this is pertinent to the current unrest over the possible misrepresentation of the GTX970's specifications, but here it is, in case it is.
EDIT: I want to clarify that I am NOT saying this is absolutely an indication of the 3.5GB issue (or non-issue) concerning the GTX970. It might be, it might not be. I just found it interesting that these glitches were captured at above the 3.5GB threshold that many people are reporting issues with and made it available for possible use to get to the bottom of the question.