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My question relates to how the thermal paste may affect the longevity of the chip? If it works now, would it be possible to fry out in the future by any chance? Or should it be fine for the rest of the chips life if it works fine right now.
Err, as this is the question that you actually asked...the probability is reasonably good that if the chip works now, it will carry on working. Now when the chip gets hot, and over time, the thermal paste may creep a bit, so it could fail, but if you get practically all of it off now, you have a good chance.
Remember also that you have to worry about static while you are cleaning it. It shouldn't be a problem with the 'immersed in alcohol' procedure, but if you try to do it dry, be careful.
(and from srgess)
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the fact is that the cpu heatink itself don't have that much precision.
This works against your own argument. If you are trying to avoid air between the CPU and the heatsink, and given that air is a lousy conductor, even compared to thermal paste, you are, then you need to get the two to fit without gaps. If you argue that the CPU is not very flat, unless you can machine the heatsink to the exact inverse shape (& if that shape is in any way irregular, how you going to fit them together?) you can't exclude the air gaps. So, to get rid of the gaps that exist even when the heatsink is mirror-surfaced, you need some kind of deformable substance that conducts better than air.
I was just mean that if the cpu surface and heatsink was perfectly plane in term of precision of 0.00001 and more you will not need thermal paste. Just take example of Gauge Blocks if you know what is it; if not ( Its block that are very high precision to calibrate measuring tool such like micrometer etc..) well take 2 block of them slide them together and good luck removing them with your hand. Im not saying thermal paste if bad, its just safer to use it but anyways to answer to the OP the paste is not electrical conductive i don't think so some on the pin will affect something, unless there is very low conductivity, just email artic silver and explain your situation they will know if there a risk.