Certainly from experience in building AF amplifiers, using thermal compound does make a difference, and other posts in Hexus (and this subject does come up a lot!!) thermal compound does lower temperatures. Those that have lapped the heatsink and CPU report bettere thermal transfer although the trick there is getting the surface flat and smooth. Certainly two perfectly flat and smooth surfaces wouldn't need thermal compund at all, but you wouldn't need a heatsink clip either - if they were that smooth and flat, normal molecular attraction forces would hold the two together - achieving that degree of flatness and smoothness would be very difficult to achieve.
What difference does a dgree or two make? Certainly increasing the temperature will have a theoretical detrimental effect on electonic components, and as the technologies get smaller, the effects will become greater. In particular leakage current across semiconductor junctions will increase, so more heat will be generated etc. Systems that are periodically powered up and down will sufffer thermal shock and mechanical stress, and that will be greater if the end temperatures are higher. (Systems that are left running day after day will tend to be more reliable than those that are run up and shut down daily - that may not be true of electomechanical devices such as hard drives though)
So it is probably worthwhile lowering temperatures as much as possible. After all, the heat sinks supplied with CPU's have thermal compound on them - probably because it is cheaper than doing additional machining to get the surfaces smoother and flatter.
As for nail varnish remover - again not ideal as I think it contains stuff like lanolin to replace any oil;ds in the skin and nail, and these will be left as a residue on the heat sink/CPU surface.