Applying thermal compound is tricky. Too little is bad, too much is also bad. Did Noctua include a tube of thermal compound? They make a very good compound, but you didn't mention what brand you are using.
Get some acetone and a lint-free cloth and clean all the compound off the CPU and the cooler. Try again with just a small lump of compound right in the center of the CPU housing.
I used a 4790K for a couple of years, and it should do 4.6 at reasonable voltages and temps with air cooling. When I switched to a closed-loop water cooler, temps were never an issue, only voltage.