D'oh, too late. I wasn't able to get online and look into this more before I put my new Asus P4P800 in. Basically what I did was just slap some arctic silver on there, spread it around with the tip, and throw on the heatsink. It has helped, it's running at around 40C idle as opposed to 48C before.
So basically, the instructions on the website say this:
Spread on the arctic silver with a razor or something like that, put your finger in a plastic baggy and rub it into the all the tiny grooves, scrape the rest off with a lint free cloth? I'm not quite sure if I read that right, but I do need to know (so I'll be good when I get my P4 3.0 GHz FSB 800) :-D.