It would probably be fine, but I'm still going to advise against using thermal paste with abrasive particles on a bare-die CPU.
The issue with Intel CPUs is not the quality of the paste Intel chose for them, but rather, that the IHS doesn't typically seat perfectly on the die, leaving a small gap. By removing the IHS and the glue hold it on, then putting it back in place, you're allowing the IHS to sit flush with the die. Even using a cheap thermal compound, you'll see improvements because the thermal compound is not the issue.
Here's an old thread that might be worth reading if you're interested:
https://forums.anandtech.com/threads/delidded-my-i7-3770k-loaded-temperatures-drop-by-20%C2%B0c-at-4-7ghz.2261855/
Click the link...