The COOLER MASTER Hyper 212 Plus is an excellent choice for price and performance. As for paste removal simply use isopropyl alcohol or a ready made alcohol wipe to remove residue from your cpu. You only need to apply paste to the heat sink in small dabs covering the area in a grid or a pea sized dab in the middle.
I have an i7-860 and it's cooled with a Thermalright MUX-120 which is very quite with the supplied fan it retails for around $50.But you cant't go wrong with the Hyper 212 just installed one on a new i-3 530 build.
The best way I've found to remove TIM is to let the machine run for a minute or two (not really all that necessary), turn it off and unmount the HSF and use a coffee filter to wipe away the TIM. I don't see any reason to use isopropyl alcohol unless you're planning on shining it up to sell it.