I posted a topic about this a couple months ago. Basically, I first pulled off the original sink, lapped it, and then reinstalled with Arctic Silver. Next, I added a 40mm fan (my MX didn't come with a fan). This allowed me to O/C the core about another 5 MHz over what I was able to before. No change in the memory O/C though, obviously.
The next step was that I hacked up a chipset cooler and made RAM sinks. I had decided to buy the RAM sinks you see in the pic (but hadn't ordered them yet), so I installed my homemade RAM sinks with frag tape. This gave me about 2 MHz increase for memory.
A couple weeks later, I got the Blorb and "wing fin" RAM sinks, so I stripped all the old stuff off and installed the Blorb and new RAM sinks. These mods increased the amount I could O/C by another 5 MHz core and another 1 MHz memory. Please note, I also have a slot fan next to the vid card which seems to help exhaust hot air out away from the MX.
To conclude, the total amount of difference these mods made was a 10 MHz core gain and a 3 MHz memory gain. Not too shabby. It does seem to help my 3Dmark scores. I think you need to have a little air movement across those RAM sinks for them to show any gains. The point is that RAM sinks don't help a lot, but they don't hurt either. And they sure do look pretty.