Waay too hot IMO
Use some arctic silver thermal compound on it.
Try downclocking it, I did it until I got a better heatsink/fan.
Mount a nice 80 cfm fan on the heatsink.
How hot is it in your area? That REALLY matters. When it was scrorching around here, my processor (being a 1.4 GgHz T-Bird), with a SWIFTECH MCX462 Heatsink on it ran at 51 C at full load. That was completely outrageous, BUT, now that the temperature outside is ok, it runs at 40 C at full load. (mind you its still hot) In the winter time, I suspect I will be getting the temperature in the mid-30's. Also, check your system temperature, because it is a direct influence on the processor temperature.
You should know that the AMD 1.4 T-Bird is THE most heat producing processor. It has a tremendous amount of heat in it, but a very small core.
The first thing you should do is use some Arctic Silver. (make sure to download the instruction from arcticsilver.com)