Forget the fanatics, I simply dabble a little on the die and stick the cooler on. In fact, I spread it by poking the lumps out with the tip of the applicator. You need a layer just barely thick enough to cover the die, but a LITTLE excess won't hurt.
Back in the old days when the whole top of the CPU was a cooling surface, people would put a lot of very thick paste on with a very weak clip holding the cooler on, and the stuff wouldn't get squished thin enough. Since the paste is only a fairly decent conductor, the results were poor cooling. The solution was to spread the paste thin with a credit card or whatever.
These days we use thin pastes and heavy duty clips, applying pressure to a small surface, and the results are that any excess gets squeesed out. Even if your paste was an inch thick, it would get squeezed out!
But you don't want a mess. So you use only a little paste, to make a smaller mess.
The silver stuff is only a little bit better than the white stuff.
BTW, I've seen processors overheat because people used too thin a layer of paste where not all the gaps between the surfaces got filled.
<font color=blue>Watts mean squat if you don't have quality!</font color=blue>