Using Arctic Cooling MX-2 also helps. TIM will make a difference.
MX2 is my favorite, due to relatively good performance, low cost and the fact that it is so easy to apply / clean.
Under certain circumtances, I would recommend liquid metal though. In passive boxes, every little helps.
I may take the two case fans out tonight just to see if the CPU gets too hot without them. Will report back tonight
Likely it won't throttle down. If there is a passive discrete card in use, however, I strongly recommend to all my clients to have a quality exhaust fan running at an inaudible RPM.
2) You can make a custom case, or open box... and be totally passive whilst having good temps at the same time. It really depends on your circumstances, temps & humidity around your place.
3) There are different types of noise, like car engines. Silence isn't always a pro. Sometimes, you
want the feeling of power and control... I
like the way Noctua fans sound, for example. It's hard to explain though.