I have the same cooler. I did some research before my purchase, so I'll share with you what I did.
First, when you look at the surface of the cooler, you'll notice that there are crevices in between the heatpipes. If you apply a thin layer of thermal paste, that void will not be filled with any thermal paste at all. The way I applied it was: put a small blob in the middle, then seat the cooler, then I removed it again to see how it spread. Apparently, the gaps I talked about earlier absorbed some of the thermal paste, so the outermost edges of the processor were not covered with thermal paste. I added more paste to the cooler itself to fill the gaps, then tried it on again. Everything was covered this time. It was my first time applying an aftermarket cooler, so it wasn't pretty job, I guess.
If you spread the thermal paste before seating the cooler, you might be able to get away with a very thin layer. For reference, my i5 750 at stock runs at about 35C at idle and 55C-ish at load, with 28-30C ambient temperature.