Sort out your cable managment and get some better airflow. Have more intake than exhaust to keep positive air pressure inside the case.
If you have more air being pushed in than being sucked out then you have greater air pressure within the case which helps cooling.
So adding another intake fan could help drop your temps.
If its not too late on the new cooler side of things I suggest these -
http://www.overclockers.co.uk/showproduct.php?prodid=HS-017-AR&groupid=701&catid=57&subcat=1395
http://www.overclockers.co.uk/showproduct.php?prodid=HS-038-ZA&groupid=701&catid=57&subcat=1395
Both good coolers for the money.
I'm a little concerned about the thermal paste because I took the cooler out and reseated it a few times
That is a slight improvement. Its hard to tell how obstructed the air flow will be without knowing where your case fans are and how deep in the case the cables are.
Rebuilding the PC is the best way to sort the cables out, and a modular PSU helps out a lot.
You need to rotate your CPU cooler 90degrees anticlockwise so that it is sucking in from the front of the case and blowing directly to the exhaust fan.
I'm thinking that as it stands there isn't a great deal of room for OCing. I just read (once again on the mighty internets) that keeping 30C+ from tjmax at stress (I'm using Prime95 btw - although may be I could just go by the most stress I'm likely to put the CPU under) is advisable.
If I go by Coretemp's judgement of tjmax (85C) that means I shouldn't OC at all!![]()
Ive never seen an LGA775 with rectangular heatsink holes before, I would be surprised If you couldnt mount it correctly.
A stupid thought I'm sure. But the thermal compound will have dried since yesterday won't it? That is to say, there's no way I could re-position it without getting some new thermal paste is there?![]()