Yes, it does come with pre-applied TIM, it's on the heatsink.
I'm sure if you use A-5 it will probably void the warranty, if that's what you are concerned about? Because if something where to go wrong they're going to say that the paste was not applied properly.
If you do decide to go with the A-5 good ol' fashioned rubbing alcohol (isopropyl) will take it off.
I was running my PII 940@ 3.5ghz on stock heatsink with no issue.
But now mostly running at 800mhz with C&Q on. I figured I don't need to overclock at all since the cpu stay at 800mhz most of the time (if not all the time)...mainly web browsing, and musics with multiple programs running in the background.
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