My brother and I fixed his 60gb console yesterday. Stripped it down, which took the longest time (just over an hour) and cleaned it all up. Used an old heat gun which probably got up to about 250-300c at a push. Spent about 7 mins in all over the chips and with a bit of board warming up too.
Re-assembled, fired it up, worked a treat. Backed it up and got his disc out, then tried F1 2010 when it seemed stable. Played on it for a good 20 mins with no issue, though it needs a proper session to check. He's bought a slim now so I think he'll just sell it on.