It ends up that the new single pack from Indigo Xtreme is the same product as the old package, but only provides one application. There are no gloves or CPU cleaning kit that come with the single pack, but it is otherwise the same product. The downside to having only a single application is that if reflow doesn't work successfully the first time, you're out of luck. Thankfully, I got it all up and working on the first try.
When removing my 5Noz water block, I noticed that the Prolimatech PK-1 I had on it had basically bonded the water block to the CPU so when I tried pulling the water block off, the CPU left its socket and stayed attached to the block. A quick twisting motion and some 99% alcohol later, it was all cleaned and ready for installation.
The process of installation is much more difficult than a typical TIM. First, you peel the backing off the package and stick it to the CPU, ensuring the CPU fits within the guide lines. Next, you peel the top covering off and apply the water block, making sure it stays as flat as possible. One more thing to note is that you do have to have the motherboard in a horizontal position from installation all the way through the reflow process. Once the block is installed, turn off all fans and the water pump and turn the computer on. Once the computer is on, you open any CPU core monitoring program and a stress program such as Prime95 and start stressing. The CPU temp will increase very quickly to what the directions say will be 80-85 degrees (was nearly 100 for me), then the temps will drop a bit and rise again, stabilizing back at 80-85 degrees (again, was nearly 100 in my test). Once that's complete, reflow was a success!
Reflowing the Indigo Xtreme:

Temps after installation:

Going from PK-1 to Indigo Xtreme, my full load temps have dropped ~2C. While it may not be worth the price to some, those wanting to squeeze every bit of performance out of their computer can benefit from Indigo Xtreme.