Yes, it should work. They are both 95w TDP CPUs and should be fine. Also, that paste is pretty solid stuff. Just stress test it and make sure temps are not too high and you have good stability.
Dependant on your chips ability/stability yes, the standard hs has kept my X3 435 unlocked and clocked for two years now, I have an additional fan mounted on top of the supplied fan though, that may have helped with temps a bit :-) 3.2GHz mostly, but I spent some time at 3.5 and 3.4GHz before stability started dropping off, I suspect my cheap psu though Moto
Just stress test it and make sure temps are not too high and you have good stability.