thiking about the physics of it, drawing air up should work better, as if you blow air down onto it, the air will heat up surrounding components so some heat will not b dissipated far away from the cpu, but then again, unless u have only got air coming in at the botton of the heatsink then the air just directly under and around it will b drawn through, so if your heatsink has fins taht are open at the side all the way down then blowing air downwards [theoretically] would b better, but i think if you have it setup right then drawing air up should b better.
also if u draw the air upwards then you can just have a duct going to the side of the case to get rid of stale air as opposed to haveing to rely on an exhaust fan. this setup would also b aided by a HIGH positive pressure as the air could b forced through as well as being sucked through.
but i'm just speaking from theory, so in the real world it is prolly different!