[The Terk]

personally, i would take off the hsf and apply some other thermal compound (AS3 is my personal favorite) and make sure u apply a very small amout: enough to cover the cpu but not too much. As for the mobo temps, the psu, cpu, and gpu are your major heat contributors because a chipset doesnt get too hot (unless OC'd) so if you eliminate the major sources, the mobo temp should go down.... a blowhole would be a good idea as mentioned earlier, having a psu with 2 fans (1 intake and 1 exhaust) will help rid some heat, and maybe a more efficient gpu cooler... but really you just need AS3 and a different HSF

*edit: and if you have a lot of hdd's, then that can generate a lot of heat (and noise) too