Well guys, after playing around with zip-ties, I got the 40mm in place. I used the fan controller temperature thing and temperatures on the heatsink dropped from 64c (during prime95) to 58c. I guess it's an improvement. But as someone speculated, my airflow was pretty much ok to begin with as the whole area was clear (no cpu heatsink) and 230mm side fan & 230mm top exhaust fan probably give it good airflow. Also VRM overheat does not seem to be a common issue for X79 boards because of the heatsink design (which from the looks of it, took a few steps back in newer boards).
As for better overclock, nothing new. I guess the ultimate limit comes from the higher BCLK (104) due to 2400 RAM, so getting 4.6 stable is actually getting about 4.8 stable and for 1.4V it's a no-go.
Also no thorttle was detected on my part before and after placing the fan, so I was probably trying to tune something that was already working to begin with. Anyway I'm glad I did it because I enjoy playing around with stuff, although I'll probably just take that fan out (geez... this thing runs at like 4000 RPM, no joke)