The PEP-66 is superior. However, running it on an S370 or Socket A mainboard adds complication to answering sleddog's original question. The PEP-66 was designed to hang on a Slocket. Running this HS on a S462 or S370 mobo can be done. Many mainboards can not accommodate the PEP-66 in its original configuration--the HS requires a lot of real estate. There is a 10mm thick ~20 cfm, 60mm fan made by Delta that makes shoehorning the PEP-66 onto many S370/S462 mainboards possible. As a 20 cfm 60mm fan is a BAD joke, a PAL-6035 is a better cooling solution in this case, hands down.
However, the PEP-66 is easily modified. The original configuration can be changed to a "normal" Socket A setup. Then the HS/CPU junction is on the bottom of the HSF, rather than on the side. When this is done, the PAL-6035 can NOT equal the cooling ability of the PEP-66. Using a 42.5 cfm 80mm case fan on top of the PAL-6035(easier said than done!) will not beat the cooling ability of the PEP-66 with a 60mm 33 cfm fan on top of it.