I live in Australia, I was considering in mining litecoin since the ASCI machines are going to be rolling out for the rest of the year for Bitcoin. But I would not mind mining bitcoin at this moment in time then move to litecoin once the price has dropped for bitcoin with the new ASCI machines.
I am wanting to make some money back on the rigs I pay for, that way I can start making a profit. Maybe I can pay you a little extra to help tweak the machines? I used to own my own computer store in Syndey. So I know how to overclock and stuff. " Got 2nd in the world for overclocking the old E6600 to 5.0ghz on nitro

"
But back to the topic, Your saying I could get 4 rigs out or my 5k. With 4 different rigs would it be faster then one massive one with 4 cards. I was thinking it would be the same.
Personally, I would build either 3x3 7950 or 4x2 7950 rigs, if you are doing out-of-the-box mining (no case, aka) I would opt for the 3x3 7950, better deal for hardware, get around 12-18% more bang for your buck if you have good enough cooling and such.
Sounds like you know how overclocking works then

Just follow some of the guides around the Alternate Cryptocurrencies forums, there are some good guides for doing the clocks yourself there

I wouldn't go much more than 3 cards in a rig simply to keep it manageable, however if you don't mind using risers and such you could easily get 4 cards in one system. Being that you used to own your own computer store, I'm sure you're more than versed in PSUs and such, just get an efficient one

Sounds like your question was probably more intended towards "is it profitable" not the "how" side of it, but short answer is right now it's very profitable to mine with GPUs, and as time goes on, while coins will get harder to mine, simple supply and demand economics (think of Bitcoin like a commodity . . .) show that supply stays the same while demand increases (and arguably, supply decreases as each person can mine less...) so the $200 of coins you might earn this week could be worth $2000 later on.
Congratz on that overclock, that's insane! xD