Stuff like shadows should have almost zero impact on the CPU, these are things calculated by the GPU, anything graphics related is. The CPU tends to control physics and animation and in GTA IV the blending of the 2 using the euphoria engine, and AI routines. The amount of cars and peds tend to effect that the most and so to some degree the draw distance as that decides how many are being calculated.
The rest such as resolution, texture quality, shadow quality, post processing effects, AA and AF are entirely GPU calculated, there is some nominal CPU overhead for driver functions but basically 99% of the work for these things is GPU bound.
Whether or not you're GPU or CPU limited depends on a few things, you can take even the most GPU hungry game and if you dial down the graphics settings sufficiently so your running at higher frame rates (thousands of FPS) you can switch the bottleneck to the CPU, so it can change depending on your expected/target FPS, I don't know what sort of frame rate you're after, but either way a 2500k @ 4.4Ghz is way more than enough for a reasonable frame rate at 1080p