 I would suggest it
On both my 3870s and my 8800GTS I have done this with MX-2 and saw about a 5 to 7 celsius decline in temperatures from the old junk.
Just ensure (by mock reseating the cooler a couple of times prior to screwing it in) that the thermal compound is properly spread by the re-seating and doesn't show any empty spaces on the GPU
Regards,
10e
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