Keep in mind that lapping a heatsink is meant to eliminate the tiny "valleys" that exist in the bottom of the heat sink where it meets the CPU core. It is because of these valleys that we use thermal compound, and the more the valleys are eliminated by lapping, the less compound needs to be used. Less compound is better because it is less conductive than direct contact.
However, just because a heatsink is lapped, even if mirror smooth, it does not mean that it is flat, which is the most important factor. This is why heavy sanding is sometimes required before the finer work.