Nothing wrong with that board. I was almost expecting it to be PCI-E 2.0 since it's the older Z87 chipset (even though PCI-E lanes are mostly dependent on CPU now), but it's indeed 3.0. I'm not sure what you would gain moving up to Z97, but it won't be anything noteworthy. I would definitely upgrade the cooler though. You can pretty much forget about doing any overclocking on the stock cooler, and the h110 will grant you much better temps and overclocking headroom.
While you're at it, consider ordering a tube of coollab liquid pro (or ultra if wherever you're ordering from has it), for the specific purpose of delidding your CPU. Delid the CPU, clean up the stock thermal gunk that's in there, re-paste with coollab stuff and go. I would not recommend it for anything else other than this specific purpose because it can bond (make removing heatsinks difficult) and corrode certain surfaces (bare copper, like the h110 block), but it's very good at thermal conductivity and using it to replace the stock crap between your 4770k cpu die and heatspreader is a great application for it. Doing this will give you another great temperature reduction.