I've never tried to work on a heat sink but I would also suggest a Drummel Moto tool or the Black and Decker Wizzard (cheaper). Drummel has some fiber-glass, reinforced cut-off discs which should do the job. I've used them to cut steel sheetmetal (which actually I don't recommend) but the disks ought to work fine on aluminum.
A B&D Wizzard only costs about $50 and the Dremmel reinforced cut-off discs cost about $7 for 5 discs. The Wizzard comes with cut-off discs but they are not the reinforced type (might be ok for aluminum).
As the other respondant mentioned, wear safety goggles. Also, be careful, the tool can slip (especially if the disc binds) and you wouldn't want your other hand in the way.