i would try OCing your cpu - you should be able to push it to 3ghz on air for free - just keep pushing it higher and keep an eye on your temp to stay safe. Also it might sounds silly, but is your FPS capped at your monitors refresh rate? if you have a 60hz monitor it can cap at 60 fps as thats the fastest the monitor can redraw the screen.
and make sure you have the latest directx but i dunno if they updated hb or gb to use the newest directx but i know yah need directx 11 to get rid of the red bar and also have you tryed to raise the max fps setting ? because atm i have mine set at 60 so it wont go any higher.
to change the max fps you type a command in wow right? but noo it wasnt hitting max fps as far as i know, it was fluctuating up and down depending on the area, i just want an extremely stable FPS so i dont have flickers.
Best thing to follow is this: Your computer only runs as well as its worst part. The poster talking about WoW being mostly CPU bound was correct. Trust him, and get a new CPU that'll give you the performance demand you're asking for.