You won't ruin your cpu doing it either way.
I use the dollop (blob) method myself - in part because thats the way the thermal paste mfr I use suggests for my cpu.
If you look at this article, it had results that show the dollop method to be a bit more effective -http://www.madshrimps.be/?action=getarticle&articID=635
Your mileage may vary :-)
Either way, you won't ruin the cpu as long as you apply it properly for your cpu type.