So at this point, I have gotten some better thermal compound which was better than the one I was using originally. I will use it until the Arctic Silver 5 arrives. I reapplied to the CPU (after cleaning of course), and when idle, my processor gives the temp of about 25-30 degrees C with individual cores at about 45-50 and when at 100% stress, I am getting a CPU reading of about 50 and individual cores at about 70.
Just to see how it was getting on at a higher clockspeed, I over clocked to 3Ghz (ensuring RAM stays at 800Mhz), and the only difference I can see in temp at idle was the CPU temp was about 35 degress C, and at stress, the reading was 55-60 ish with individual cores leveling at about 78 degrees.
This is still a little too high for my tastes but I think its okay until better cooling arrives. Actually with these results I will be tempted to OC up to about 3.2Ghz once I get the better heatsink. And who knows, maybe later I will play around with the voltages if that stays low.
Thanks all for your help!