The advice about the IC Diamond seems quite sound, and in fact, I've done it that way.
The diamond paste has a 90%-plus diamond-particle loading. It's abrasive stuff, but even removing the heatsink after "squishing" [not swishing -- see below] -- and letting it "dry" for 10 minutes will not remove all the oils or base. so little "icing peaks" will again be compressed and spread out.
The idea of placing "little dots" of the stuff on an initial layer is also a good idea. It is difficult to spread, but the cooling advantages make "ease of spreading" a rather dumb and silly performance basis for comparison.
No matter how you come up with an equivalent, you will pay more per application for the diamond TIM. The amount sold by IC is enough for maybe one GPU and one CPU. There IS a performance advantage of between 1C and 3C in temperatures -- someone here cited performance differentials of 3/4C degrees in different applications, but there is still an advantage. This performance margin would, of course, narrow as thermal power increases, just as it would for the heatsink of choice.
If you use JetArt CK4800 (10% diamond loading), you can mix the equivalent of IC Diamond by adding abrasive diamond dust rated at below 2-micron particulate-size, but 5 grams of the stuff is going to cost you close to $100. Even so, in comparison to IC Diamond's $5 price-tag, 5 grams and several $5 tubes of CK4800 are going to offer myriads of reapplications if ever needed. But for any single computer -- you won't need to "reapply." The stuff doesn't deteriorate. If you're worried that some of the base has evaporated, you could probably add a third-of-a-grain of rice-worth of CK4800 and it would minimally degrade the loading, but I've found that the paste is still gummy enough so that you can just replace the heatsink without doing anything to clean and replace the TIM.
Until I see comparison reviews -- there was a good comparison of several TIMs done in 2005 -- and the recent comparison reviews show that some exotic concoction for things like Shin-Etsu and MX-2 really work as well or better than a TIM based on particulate synthetic diamond, I'll stick to my recommendation of that paste, which one of our members called "the latest tinky-winky gay fad." [I should promise never, ever, never ever to bring up this matter again with such quotes.] Anyway, the particles are a dull, gray dust, and have no value set in silver-earring mounts. As for that -- I don't even wear a class ring or a "white-gold" dress-watch. But that's all about affinity for jewelry and other things, and this stuff looks more like freshly mixed concrete before it sets.