For basic gaming, especially the games you mentioned, you won't notice that much a difference unless you use the full resolution of the iMac screen. The 5750 will obviously last you longer as it's got more memory but it's also GDDR5, instead of GDDR3. I'd get it simply for the longevity. It's what I'm getting in the next month or so.
Remember also the processor you're getting with both iMac's. One's Quad-Core, the other isn't. (Unless you're just upgrading the video card in the lower-end 27 inch model.)