Thanks for the answers guys. I do know that it can handle higher temps, but as I said the fan gets a bit loud on anything over 80C so I thought I can lower it down using a good thermal paste. I'm looking at Antec Formula 7. I'll think about it and let you know what I've decided.
I really can't see replacing the thermal paste making any difference. Thermal paste has very little heat degradation over time. Personally I would consider maybe housing a different fan that directs air onto the gpu to cool it off, you will probably drop quite a bit off the temps and stop the gpu fan from revving up. Replacing gpu paste can be tricky and imho is not necessary for your situation. How is the general airflow in your case? Are the intake fans in the front blowing onto the gpu?
My case does not allow for a front intake fan. I have one exaust fan in the back, CM TurbineMaster 800 RPM, and holes on the side panel of the case where the hot air from the GPU is being blown out.
The reason that I think about replacing the thermal paste is not becase it's degraded, but because a friend of mine told me that Gigabyte put low quality thermal paste on their GPUs and that if I bought some high quality aftermarket one it would reduce the temps. Or in his words "Clean up that crap they put on there and replace it with a real paste