That sounds good, but I don't think something like that will make that much of a difference. I did the same thing with the silicone compound on the other heatsink, so I don't think this is the main thing that is wrong.
I put the silicone compound on both the cpu and the contact and evenly spread it with my finger. I am pretty sure that there is very good contact because when I installed the heatsink, I had to press down extremely hard to get the clips to snap on.
I got an AC Freezer 4 to replace my cheap heatsink, but so far it isn't doing such a great job. My old one ran at about 95-100 degrees idle, and this one runs at about 110-120 degrees idle. I installed a 120mm fan at the back of my case, which seems to help, but I am still very disappointed...