I'd use AS epoxy over frag tape anyday. The heat transfer with the epoxy is much higher, as you can apply pressure while it''s curing, so the contact is much better.
As for application, I'd mix a realy small amount (as in enough for one SDRAM chip) in 1:1 and put a dap on the center of the chip. Then use a business card or something to spread it fairly thin. I don't know if you have the Aluma or if your epoxy warns that it can conduct or hold a charge, you should wipe off any you get on or near the pins off with alcohol immediately. If you're unsure about your skills, spend the extra money for the Aluma or some other completely electrically isolated formula. Then put down the sink and press. The best way to do it, is one chip at a time, applying pressure by a light weight after positioning. It can take awhile to get all the sinks on this way, but if you're really trying to OC the %^&* out of your system, this will give you the best cooling.
As for removal, it's a bit of a pain, you need a freezer and some rubbing alcohol. Just leave the RAM, video card, whatever in the freezer for around 30 minutes, then twist. Then you wipe off the excess with the alcohol. Unless you did a really bad application, and have a thick layer of epoxy between the chip and the sink, it should only take a few minutes wiping the chips and around 30 minutes of soaking and rubbing the sinks to remove.
I used some sinks on my Radeon 7000 and had wanted to reuse them and thus followed the removal procedure. They came off within a hour. However, my new card uses BGA RAM and fitting the sinks on was too difficult, so I opted to mod some new ones. I was able to push my Radeon 7000 from a default clock of 183 to over 225 with the sinks. I don't remember what the max beforehand was, so it might not have made a difference, but I was fairly happy with the card for awhile at least.