The E5-2470 is compatible, according to the parts database I'm looking at. I'll share the related Intel ark page, just to confirm that you and I are on the same page. The part number I'm showing for this service kit is W1T58. [URL]
I have a PowerEdge T320 that I'm looking to upgrade at low cost.   I have already increased RAM and looking at SSDs but my focus is now on CPU Upgrades.   I have seen on a similar thread a compatibility table was published that lists a lot of E5-2400 V2 chips, but I have also seen on dell.com that it's compatible with the non-V2 E5-2400 series.   What I have any eye on is an E5-2470 "v1" and I just wanted to check this is compatible before I go and pull the trigger and order it - the price difference from the V1 to V2 seems rather steep so would like to avoid a v2 if possible  
T320 CPU Compatibility