Oh geez...don't put anything on it but actual thermal paste. You get anything else down in the socket and you're going to spend the money on a new system anyway. Not only do we not know the thermal or electrical properties of "balsam creme" but we also don't know what the corrosion-inducing properties are. I'd bet dollars to donuts there are some kind of salts in it which will foster corrosion and shorts.

You can configure CoreTemp to automagically shut the system down if the temps go over a threshold; that's the easiest thing to do. You can also set the Power Options -> Edit plan settings -> Advanced power options -> Processor power management -> System cooling policy -> change from Active to Passive, which will slow down the CPU in an overheat condition rather than speeding up the fans.