I'm going to throw you a curveball: The CoGage Arrow is probably the best HSF out there for LGA1156, if not every current Intel/AMD socket (haven't seen it tested on AM3 yet). Prices according to Froogle:
http://www.google.com/products?q=Cogage+Arrow&scoring=p
The quality of the base may or may not be sketchy but given your requirements, it may not matter.
The Arrow is a better performer than the Megahalems or H50, and can even edge out the mighty Noctua NH-D14. Jury's still out on whether or not it's really better than the Noctua unit but I'd wager that it can be, or that it as least the equal of the Noctua.
I have the NH-D14, and it is pretty awesome. Definitely worth a look, though it is expensive. But at least it comes with fans (two of them).
There is also the Tuniq Tower Extreme, but not very many people outside of Frostytech seem to like it. Frostytech loves it for Intel platforms.
If you are looking for cheap then I must echo the recommendation of the Hyper 212+. Installation shouldn't be terribly difficult for that HSF.
As far as thermal compound goes, AS5 is a bit dated. It'll work okay, but it isn't great, and it has a lengthy curing time and power-cycling requirements for optimal curing. My favorite "standard" TIM is Shin Etsu x23-7783D, which is a tad obscure, but it works wonderfully and it cures quickly without silly power cycling requirements. Some people like IC Diamond 7 better, but I'm a fan of x23-7783D (just don't confuse it with x23-7762 which a lot of people seem to do, 7783D is a better TIM).
Here's one review where x23-7783D beats IC Diamond 7, MX-2, and AS5 (and loses to Indigo Xtreme which really doesn't belong in any build where "easy to install" is a requirement):
http://vapor.skinneelabs.com/TIM/IndigoX/IndigoX.html