I will be testing this grease out on my Slot 1 cb0 700e, which has been able to to hit 1022MHz stable with some slight mods on an Asus P3V4X:
700e @ 1022MHz
At 1022, I am using the grease that was included with my Alpha p3125. Not exactly the best out there, but it has gotten the job done for me. I removed the heatsink and cleaned up the chip and its surrounding of any thermal grease that was left over.
I applied an even layer, don't try and smother it with too much of the stuff, it'll backfire on you. Although it is not electrically conductive, try to avoid making contact with anything but the slug of the cpu. Lets cut down on the risk.