I also had the 8120 b4 I upgraded to my 8350.
to address the temp spikes...that is just AMD Turbo Boost, you can turn this off in the bios easily. this should level out your temperature jumps. As for your higher temps, I have found through the same trial and error you are going through with that setup. In the end quality Tim "thermal compound makes a huge difference. Not to mention the conductive vs non conductive compound differences.
I hope you can work this out and look forward to seeing your results.
If you have any other questions I'd be happy to answer as best I can.
P.S.
The FX chips run seriously hot to begin with so I installed a closed loop NZXT Kraken x60 240mm rad and never looked back.