On a dual-core system, you're probably going to have a bad day trying to 5-box regardless of settings.
8GB may work but others have had some issues running out of RAM. I play at 1920x1080 stacked and at medium settings on alts and moderately high settings on main I was occasionally getting "low resources" warnings from Windows with 12GB installed. Granted, I had a browser open to watch Netflix but most folks are going to have a browser running for item research, etc. I had no issues at 16GB.
The 950 will preclude you using anything higher than low settings unless you unload 3 of the 5 clients. I built a 950 system for a family member on a budget and it would barely run ONE copy of wow at moderately high settings back in WoD.
With that all said, I'd start with an i5 at 3.5GHz or better, 16GB RAM and a 1060 (the 960 is almost the same price). Or give us a budget and we can work on helping you compromise in the right places.
Also, see these threads where this has already been discussed with varying performance/budget targets in mind:
~$750 = http://www.dual-boxing.com/threads/5...ardware-Advice
~$1000-1200 = http://www.dual-boxing.com/threads/5...box-for-5-mans!
~$2300 = http://www.dual-boxing.com/threads/5...-Advice-Needed
And don't forget: http://www.bing.com/search?&q=site%3...m+budget+build
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