Welcome to the AT forums.
You've nailed it on the head. Other than replacing the fan with another 92mm, you could use a 92 to 120 fan adapter and draw air thru the heatsink (trying to push air thru a restrictive adapter is an excercise in futility- the heatsink fins look and act like a wall in that scenario). I would also shroud the open sides of the heatsink fins to force the air to travel the max distance thru the fins - doing that might also increase the performance of the current fan. I'd suggest using that aluminum tape for shrouding the fins unless others can think of something better.
And as Harvey said, redoing the TIM can't hurt if you aren't getting the cooling you should (or that you expect) from it. I would use AS Ceramique instead of the Silver as it is easier to use and re-do than the silver and the performace diff is barely measureable. When you have a heatsink on a heat spreader as most CPUs use now, there are likely going to be larger gaps to fill. So using a nearly transparent layer of grease may not be the best idea as air pockets from micro to macroscopic may have to be filled unless you have lapped both surfaces flat. You can test the surfaces for flatness to see how much goop you might need.
Get some zinc oxide ointment or cheap heatsink grease > put a good layer on the surface to be tested don't want to be able to see thru it at any spot > scrape ALL the goop off that you can (being careful not to damage the surface you are testing if using a metal straight edge) with the straightest thing you have (a machinist's straight edge if you have one - an unused, flat (not warped) credit card or similar that isn't warped might do - make sure not to bend or cup the card during scraping) keeping the edge of tool as square with the surface as possible > most of a typical test surface should now be bare with some white spots remaining > those white spots are the cupped areas of the surface being tested. If there are cupped areas on either the HS or heat spreader, a semi-transparent layer of HS grease won't do - as you have to fill the cupped areas too. Clean all the test goop off with simple green or lighter fluid followed with an alcohol cleaning. Many use coffee filter material for cleaning and drying as it is lintless and found in most homes.
I like the idea of putting a good 'pork & bean' bean or large pea sized glob of goop on the center of the heat spreader on the CPU and carefully and slowly squeezing the surfaces together with slight gentle twisting - a few degrees back and forth. Not supposed to do it that way with the silver goop. Clean off any excess goop that squeezes out with a Q-tip dampened (not wet enough to drip) with distilled water - it's mainly to keep the fibers of the cotton together. You may have to clean around the edges again as the surfaces bed in.
.bh.