I have a i7 4790 and it would choke on Project 5.  My goal someday is to actually make something in Project 5 just for fun but an i7 hyperthreaded won't cut it. Something like Project 5 would probably make a good tablet app.

project 5 was obsolete and no longer supported long before i7's were available, so it doesn't surprise me that P5 would choke on a multicore/multithread processor.
 
you might try disabling multithreading in windows or bios and see if it works then.
 
otherwise, Noel said in another thread (in the features and requests) that there are no plans at all to resurrect P5 in any form.

It does not matter how many cores the processor has, P5 does not have multicore support. When it comes to CPUs for P5, clock speed is everything.