If noise is a issue ,you can always run the fan with +5 and +12 which yields around 7v or so. you lose some cfm but the 040 is quite easy to cool and it should not be a problem.. Almost any air movement over the sink will do a great deal of cooling. some of the suggestions above are overkill.
The artic silver is a good paste but in my experience of 20 years on amiga stuff i have found the regular silicon based white grease works just fine on any 68K cpu. Unlike arctic silver its also not conductive so if it gets on something it won't cause a short.
