Why would you say the Phanteks is a wate of money? im guessing if it was lapped it would produce even better results perhaps?
because the CPU wont crash with a Xigmatek or a Tranquillo etc, so there's no real need to spend 70 quid, because that's what you're trying to avoid, the cpu crashing under extreme OC and most modern coolers are ok.
i'm also guessing that your case is well cooled too, because this has to be right as well, my new case is freezing cold inside, but my existing pc is totally useless, the fans are blocked by the Hard Drives and the Disc drives etc, it's hard to believe that pc cases were designed like this 6 years ago. !
a Phanteks will be very hard to lap, it'll be too hard to hold steady whilst you're moving it back and forth, it'll dig in and tear the sand paper.
i wouldn't try lapping a big cooler like this, only something that you can grab hold of easily, because lapping is quite hard, the wet and dry keeps ripping and lifting off etc.
the wet and dry is held down by masking tape onto a piece of large glass, but as it gets wet the masking tape starts breaking loose, it's a technique that needs loads of practice, you move the cooler back and forth slowly, keeping it dead vertical... the CPU is much easier, but you have to be foolhardy/ stupid and brave to do this, because it voids the warranty !!!!!!! and i wont know yet until late summer if i havent screwed it up, i think it's ok, but i cant be sure