Which iMac?

I'm buying a new iMac for home. I want it to last as long as possible so my inclination is to spend a bit more on upgraded specs. I do some video conversion for Apple TV and some low-level photoshop and InDesign.
RAM: I currently have a 2010 macbook pro with 8gb of RAM. It struggles with the video conversion so I was going to go for 16gb of RAM. Does that sound reasonable? I upgraded the RAM in the MBP myself, would it better to get the iMac with 8gb and add another 8 myself? Is that easy on the new iMacs?
Processor: Here I'm not sure, how much difference will there be between the 2.7, 2.9 and 3.2 ghz i5 processors? Is the 3.1ghz i7 better again?
HDD: I'm very keen on a Fusion drive, probably go for 3TB. Or I could do 1TB and an external T'bolt HDD?
Anything else I should consider?
Currently tossing up between:
1. Refurb 2012 iMac with 3.4ghz i7 processor $2600
2. Current iMac with 3.2ghz haswell i5
Both around $2600 with 16gb ram and 3TB Fusion drive.

Is that easy on the new iMacs?
Only on the 27" variety. It's not an option on the 21.5" models. Since you are doing video work you'll probably want the bigger one anyway. 16 GB is a good idea. Specify the iMac with the minimum amount and purchase RAM from OWC / MacSales or Crucial. That will be about half as expensive as what Apple will charge.
I prefer the i7 CPU. You won't be able to tell the difference unless you were to compare the two side-by-side, but once you do that, you will want the i7.
The refurbished iMacs are a good deal. It will be indistinguishable from new.
The internal storage choice is probably going to be less expensive than purchasing an external Thunderbolt drive, but you'll want a backup. Thunderbolt isn't necessary for Time Machine backups. USB is adequate. Backup devices should be cheap enough so that you can purchase more than one.

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