You don't just wipe it away you clean it off with alcohol from the chip and heat sink. You should not need to reapply it for 3 to 6 years depending on the daily use, if ever.
It takes effect instantly but it can take weeks for it to fully cure depending on how much you use your PC, the heat cures it.
If its running more than a couple C's hotter you made a mistake applying it or mounting the cooler. If you have a Intel processor with just the push pin connectors on it their not designed for being removed and reinstalled a lot of times.
Don't say you wonted to use better thermal paste because it makes so little difference you would really never see a change 1 or 2C's at the most between any of them.
Benchmarks you see on this are not...