Lapping does make a huge difference with some heatspreaders. I lapped my Opteron and it dropped about 8 degrees with air cooling.
I will have to see what my temps are before I think about lapping the E8400. From my understanding, the 45nm process will hit a wall before temperature is an issue. Lapping will shave off a couple of degrees, but at a certain point, it requires extreme cooling (liq. Nitrogen) to achieve a higher OC. Super cold equals less electrical resistance equals lower voltage required equals higher stable overclock.
In other words. I don't see the point when The proccessor hits a wall at 50 degrees on water. Getting it down to 48 degrees isn't going to get any more Mhz out of it.