I wouldn't use hydrogen peroxide or ethanol anhydrous. Just go to the store and get some isopropyl alcohol.
I've used all three of those, Q-Tips, Towels and Shirts. Q-Tips are less abrasive and paper towels fray much less when wiping. Either method is fine, just make sure everything is clean before and after you take off the thermal compound. Make sure you don't have something on your Q-Tip or paper towel that may scratch the metal surface of the CPU.
I'm assuming you have thermal grease with your evo 212? From my experience, the DOT method of applying the grease is most effective as the HSF and the CPU do most of the work by navigating the grease to fill in the micro cracks, etc.. Just use a grain of rice or pea size.