Facinating is Der8auer's observation that the finer one grinds the base metal/oxide, the worse the thermal conductivity; makes me realize that surfaces play a very important role.
Help me understand...because I don't read this the same way.
What I heard was that if you start with a solid piece of metal you've got one thermal conductivity. If you then break the thing up into small bits, and turn it into a paste, the silicon oil used to put it into a semi-solid suspension dramatically decreases the thermal conductivity. This makes sense, as you are suspending a good thermal conductor inside a matrix of both terrible and mediocre thermal conductors (air bubbles and oil).
Theoretically, assuming you have a functionally infinitely fine conductor and dramatically decrease the amount of oil (think sintered component) you'd come closer to the thermal conductivity of a solid piece. The practical issue is that when you create a finer metal powder you'll likely do a number of bad things. Metals oxidize in an oxygen rich atmosphere...so you no longer have copper but cupric or cuprous oxide. Your air will be trapped between the oil and metal...functionally making it an insanely good insulator. Etc...
For my money, and if you have the equipment, you should instead try something fun. Diamond is quite good at conducting heat. A fine powder of it is generally thought of as industrial waste, so it's surprisingly cheap. The hillbilly/ghetto mod high end thermal paste several year ago was to take dielectric grease, mix with a diamond powder, heat into a semi-liquid state, and place under a vacuum until the air bubbles suspended in it come out of solution. The resulting paste was about as good as you could get, the dielectric grease is basically incapable of hardening, and the result was leagues better than whatever solid gunk Intel was pasting onto their coolers....though the shelf life sucked and the cost was very high if you couldn't repurpose some equipment.
Of note: diamond powder is a lung irritant and will cause damage if ingested. The paste in question had a shelf life of about a week before the diamond would come out of suspension if left in any quantity. The paste will damage the IHS and heat sink interface...that diamond is basically very fine sandpaper...so prepare to lap if you want to reinstall the thing. Finally when the dielectric does harden it's gummy...
I'd suggest that the take-away from most of this is that if you double the thermal conductivity you can double the thickness of the material without influencing heat transfer by conductivity.
Engineering toolbox equations If you are looking at a processor it's pretty easy to double or triple your thickness with a bad design....think the new contactor brackets that are currently in-use for Intel stuff. It's silly to say this...but I think I'd suggest that lapping the IHS, lapping the contact plate, and using mediocre paste is likely infinitely more reasonable for most. It's definitely easier and more fool resistant than plowing huge amounts of effort into doubling or tripling thermal conductivity through chemistry and trying to make-up for mechanical interface issues. My two cents is that I've never seen enough difference to justify premium options...instead of using moderate options and good preparation. Lapping sucks...but I've never had such a bad result that I felt I needed premium options.
All of this said, I also don't overclock to the moon. I'd prefer to not hit thermal throttling limits, I'm fine with underclocking in most instances, and usually by the time my tech sucks enough to not be viable it's time that the middle level replacement is so good in comparison that I'm satisfied with a slight underclock out of the box to make room for stock settings being an upgrade in the future.
This is all coming from an idiot who bought into X79. The upgrade from there to a middle tier 3700 was huge...and the RAM fixed 5700x that replaced it was transcendent with M2 and stable clocks that didn't crap the bed with multi-thread... and the platform cost was less than the CPU cost without adjusting the x79 upward for inflation. All of this leads me to not want to plow huge money into anything...because barring price gouging it's better to buy middle tier and replace every few generations rather than buy high tier, invest in everything from cooling to maintenance, and do all of this to overclock a fraction of a GHz whereas generational improvements mean the same performance is always had for less (barring the current Nvidia shenanigans, or AMD's marketing bizarro moves).