Actually your CPU core underneath the heat spreader is rectangular shaped and runs perpendicular to the clamping tabs, IMO the best application would be a thin line directly over the core.
From my own testing with my 3770K which is aligned the same as your 4770K, using the thin line over the core has yielded closer core comparative temperatures.
In all actuality the least thermal compound you can possibly use and get away with, the better, you're only filling the imperfections between the two surfaces anyway.
The pea size in the center is better than the X, the X method may build up too much on the corners and keep the center from excellent contact.
Contact directly over the core area yields the best temperature conductivity.
Those that have gone to extremes and delidded their CPUs have done the rest of us a great service by letting us discover exactly how the core is running under the heat spreader, and that's where the heat is generated.
My 2 Cents on this subject! Ryan
The link below shows exactly how the core is oriented under the heat spreader, I'm not posting this link because I am an advocate of delidding as I am not, just to 100% clarify my core alignment meaning.
http://www.xtremesystems.org/forums/showthread.php?286340-4770k-4670K-IHS-Removals