if it helps, i'm running an i7-4790 (locked or non-K) and render quite a bit of video. This was my first build - I ran this computer for 3 months rendering a ton of vids, some files that took 1 - 3 hours to render and for whatever reason, downloaded XTU and saw my temps were at 99-100C nearly 100% of the time while rendering those files. My motherboard mfgr's performance utility never showed cpu temp above 67C and i've since un-installed it, but that utility gave me a false sense of safe temps.
I've since corrected the issues and when i run XTU (intel's Extreme Tuning Utility) benchmark tests, i post scores that are within the top 2 benchmarks posted on the web (once you run the benchmark, the utility will go online and compare your score to others. The CPU has built in safety limits and will throttle power & current when thermal limits are hit. I haven't seen any damage to my CPU but from what i've learned, i've probably shortened the life of my CPU - it's been 2 months since i corrected the overheating issue and computer running fine.
One thing i would do while you're waiting for the new cooler, check that your intel cooler's push pins haven't popped out - mine had two that had popped, and that alone kept heat from transferring into the cooler.
Two links on the intel community's web that you might want to read thru
Troubleshooting Intel® Core™ i7-4790K / i5-4690K overheating
and this 2nd one is a 39 page discussion thread - you can speed read the first 15-18 pages but there's some helpful info in there
How best proceed with overheating i7-4790K?
There are links in both those threads to various intel documents, but fwiw, intel's specs call for recommended max temp of 74C (+/- 5C) and absolute max temp of 100C
and what grandmaster said about the thermal paste, you
do NOT want to put too much - there are stickies here on Toms as well as vids on youtube, but basically some folks state 1/2 the volume of a green pea or the volume of a lentil of thermal paste (after cleaning the heatsink and cpu contact areas with 91% alcohol) - some folks put 2 or 3 thin lines (again, total volume = the volume of a lentil), some put 5 small dots of thermal paste, - there are a ton of variations, but main point, too much thermal paste is counterproductive. It's purpose is just to fill microscopic voids between the two surfaces