Ya, I have stopped using vaseline at all. It makes me a bit uncomfortable especially with LN2 as I get a lot of frost mainly around the first PCIe socket above and around it when doing cold GPU, but I've got a pretty good papertowel/shammy gasket around the PCIe contacts so maybe that helps. No problems so far though doing it this way. I always used to pack the PCIe slot with vaseline and coat the card contacts in a layer, which never caused me problems either.
I use that armaflex foam tape that he uses, to stripe off some sections - most parts of the board where its used I left the backing on like he did, and its just a barrier against LN2 splashes as I often pour messy and it stops direct hits of LN2 on the paint.
I also cut strips of the armaflex, removed the backing, and taped it over the unused slots. This extends slightly over the used sockets as well, so its almost like a gasket around the RAM sticks I use. It makes sure no flakes fall in there, helps prevent frost inside the unused slots, and frost on the contact points of the RAM in use.
For the fluffy stuff, it blows around for me to, but I keep a lot of airflow blowing slightly up around the socket and this seems to be good at blowing anything that breaks off up and away from the components.
Glad everything worked good for you. I would probably say just keep an eye on things as you continue going cold. I know when I have to torch the pot sometimes, I can get runs down the side of the pot and I feel better with the paper towels ensuring liquids don't get closer to the socket.