You apply it the same way, small amount right in the middle of every area which needs to conduct heat. Make sure you remove the thermal pads and anything else left over. DO NOT PUT TOO MUCH MX-2!!!! It is conductive and if it touches the circuitry you will short and may damage your card.
I didn't know thermal Paste are conductive, jeez, why would they even make it like that.
gotta be very careful then,
so ur says therm pad, meaning the ones on the memory chips? (i dunno if there's any but i'm guessing)
EDIT: doesn't that leave the space btween the cooler and the chip? if i remove them?