VRM Cooling and voltages

I am a proud owner of the FX6300 on a terrible board - the M5A97 LE R2.0.
I tried some light overclocking on the stock cooler, got to like 3.9.
I just ordered an Enermax ETS-T40-TB which is basically the same as a Hyper 212 EVO and want to go for atleast 4.3.
As my board does not have VRM heatsinks] I wondered would it be a good idea to take the old amd stock cooler and use it as a VRM cooler?
Like to put the fan ontop of the red circle.

My question is that should the fan be blowing on to the VRM or exhausting it and how much of an improvement would it make? Anything else i can do to make the CPU and board run cooler?
Also when should I increse the voltage when overclocking? On the stock cooler i just played with the frequency, but i see that everyone is doing something with their voltage.

Yes any kind of air movement would be an improvement for the board. It's the small chips behind the square chokes that need the cooling. They sell aftermarket heatsinks like these that would also improve the temps. http://www.newegg.com/Product/Product.aspx?Item=N82E16835708011

Not sure how you would do that without cutting the heatsink up to make it fit...

+1 to Johan and using the 'right' parts for the job.

1. Blow down on to it.. no idea at how much improvement as that board I don't think has any sensors for the VRMs in the first place.
2. Better airflow in the case.
3 When you need to increase it (when you have instablity in the CPU). Read the AMD overclocking guide in my signature.