When applying any paste, the way I do it, is simply to spread a thin layer over the whole of the surface of both the CPU and the heatsink...
A very small ammount is all that is needed, perhaps only half the size of a grain of rice maybe, and that is spread out in a circular motion ( Bulling your Army boots ) until the entire surface of the CPU is covered and then do the same with the heatsink.
The older CPUs is a little different as the surface to be covered is only about the 1cm mark ( Different CPUs are different sizes so dont go there its not important ) and so therefore, I again put about half a grain of rice's worth on but simply dab it down again, to cover only the bit in the middle ( My degree was obviously worth it )
The idea of simply plonking a pea sized blob on the CPU does appeal to many, but I have always tried to keep the distance between the heatsink and the CPU to a minimum, and waste also the line way.. Not good. You will end up with not much spread and a thick layer in the middle... That was a bad idea years ago and its still a bad idea today.
The thing is, that you dont put compound on your CPUs every 5 minutes... It getting put on there to stay there, so you might as well do it properly.