The more you spend, the faster you can go.
How fast depends on your CPU - every one is different and some 7600k overclock much faster and easier than others - it is called the silicon lottery
For your CPU, the 212 is enough for a very modest overclock, but the water cooler should be able to cope with much more.
When making this decision myself, I always start by pricing a lower spec motherboard and a i5 7600
Then I work out how many % faster and how much extra cost it is for a Z series motherboard and a 7600K and a cooler
Then I work out how many % faster and how much extra cost by getting a really good cooler and going for a big overclock.
Usually, the few % of extra speed from overclocking comes at a significant extra cost, and I ask myself, is it really worth it?