I would say yes. Does your mainboard/bios report cpu temps? If so see what the current processor is producing. Shutdown and install the new processor. Clean the heatsink up. Make sure the fan runs and install it with fresh thermal compound. Start up and go straight to the temperature monitoring screen in BIOS. Watch and see if it stays in the safe range. I bet that it will.
My Celeron 300A which is like your 466, never made uniform contact with the factory heatsink. It ran at 504mhz for a couple of years like that. When I removed it, the spaces between the fins were totally clogged up with dust.
Intel processors are pretty hard to overheat. I had a P3 900E that ran for 20 minutes or so without a heatsink. It popped off and I thought something else made the noise.
Do install the heatsink. Do check the temps in BIOS to make sure it is an adequate heatsink.
You may have to flash the BIOS to get the new processor recognized. I had to when I replaced the Celeron300A with the P3 900E.
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