Well, for starters, are you monitoring your hardware to know where the bottleneck(s) is/are?
The hardware in your machine is over 5 years old, but any current mid-to-high tier hardware is going to allow you to multibox with little to no issue. My latest video shows me multiboxing in several zones of BFA with practically no issues outside of Dazar'alor, where 3GB of VRAM was the limiting factor, and that was on hardware that is older than yours. However, any of my other gameplay videos from the past years show me playing at ~4K @ 60 FPS, which is 4x the resolution of 1080p, on a 6950X that is almost three years old and a 1080 Ti that is a year and a half old, and most mid-to-high tier hardware is better than what I currently have.
It's not that baffling, though, since 3GB of VRAM is very limiting, and SLI doesn't increase the VRAM pool. So, while one game client is not limited by VRAM, five game clients are. If nVidia wasn't so stingy with VRAM back during the 700-series, then you'd have 6GB of VRAM (like the Titan Black did) and you'd, almost certainly, still be able to use those GPUs without issue, today. As for the machine locking up, then that's a hardware issue, and it likely has to do with your hardware not being stable at whatever clocks you're running.
However, not only can you drop each of those background game clients down another 20-25% on render scale, to save on even more performance, but you can "split the load" of the game clients across multiple GPUs if you have more than one display attached to your computer.
Again, you won't know how well your CPU is doing unless you're monitoring it while you play. If you upgrade your GPU, then your CPU has to do more work, essentially just creating another bottleneck if it isn't capable of performing. Personally, I don't think multi-computer setups are worth it unless you already have a second one lying around, especially when you're capable of just building a new machine to handle everything on one.
It really doesn't require a 12-core CPU and a 2080 Ti to multibox five characters in WoW at 1920x1080 using high settings, and there's nothing wrong with a 9900K, which is, technically, as fast as my current CPU, and just a little slower than a 9900X.
Personally, I don't feel that buying an old CPU is a good choice, unless you have a very good reason to do so (other than wanting to save a few dollars). Also, if you do want to make the move to 4K, then you're going to want more cores, and an 8700K is going to struggle before any other CPU mentioned in this post.
Finally, and I feel like I've said this, at least, ten times in just the last week alone, there are new CPUs coming out in June and July from both AMD and Intel. So, if you can wait another 6-8 weeks for more information to be released, then that'd probably be beneficial to your wallet.
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