it will definatly cool down to some extent.. but finaly whether to change the Cooler depends on the amoung heat generaetd.
by using good compund. u will able to use the Heatsink completly.. but mine was different case.. the fan on stock intel heatsink use to rotate at almost 4000rpm and it use to make noise like a vacume cleaner.. Also it wasnt sufficient.. so instead of using the compound i change the heatsink to thermaltake bigtyphoon...
the advantage... the CPU never crosse 63-65 at full load
and noise is ZERO.. the fan is really good quality and rotates at 1100rpm (1300 is the max it can do)
u can always try with the better compund if the heat peoblem is not much... but before spending on anything make sure that u r providing enough vantilation and inwards cool airflow