IMO, 7 case fans is overkill...if they're not arranged just right, they fight each other.
You want to create good airflow across the board with a "purging" effect...there should be balance...CFM in should equal CFM out, or close to it. Warm air will collect at the top, so that's where you want your exhaust fan(s). Fresh air should be brought in from the bottom.
The average case is about 1.5' x 1.5' x 0.75' wide...roughly 1.7 cubic feet...that's not much! The average 3" x 3" (80mm x 80mm) case fan moves about 30 CFMs...so with a balanced system (30 cfm in/30 cfm out), you're completely removing/replacing the air in the case about 17.5 times per minute! Or think of it this way...the air in your case is completely refreshed every 3.4 seconds!
Although I haven't tried it, I've seen many posts about putting a fan in the side panel, directly in line with the CPU/HSF, & then attaching a short length of tubing or duct (sometimes referred to as a "chimney") so that this fan is basically a dedicated fresh air source for the CPU/HSF...seems logical...
I'm not a big advocate of high priced/overly hyped silver-based thermal pastes...are they good products? sure. Are they better than other products? Tests show that they are. Are they worth the extra money for a 3C temp drop? I guess that's a personal decision. But if 3C is gonna make you or break you, you have other issues to address rather than thermal pad vs silcone-based paste vs silver-based paste.
When I buy a new HSF & it has a preinstalled thermal pad, I go with it...there's no mess & no worry about whether I applied it correctly. Of course, if I have to remove the HSF at a later date, I scrape off the old pad & apply paste (usually cheap Radio Shack compound)...but I see no reason to waste a perfectly good pad.
There are several cooling programs available...CPUIdle & VCOOL are two of the most popular. I use Vcool on all my VIA based systems & it drops the idle temps by a minimum of 10C. My mildly overclocked 1800+ (11.5 x 140 FSB) is currently running at 25C...that's with only 2 case fans & a cheap CoolerMaster HSF (aluminum w/copper base) & thermal pad. I've had similar results with a 1200 Duron & 1.333 Athlon T-bird...