Geez. Looks like part of the problem was airflow.
Since I was working on a bench, there was no cooling over the socket area. I pointed a 120mm fan over the socket and the temps are now 41C load.
Load: 41C
Idle: 36C
Coolant: 28C
Ambient: 24C
41C load still seems a bit high since I was getting 42C load using air and less noise (watercooling = 2x120mm fans, aircooling/Zalman = 1x120mm fan).
But watercooling will pay off in overclocking though, so I don't think I'm going to sweat it too much.
Yeah block is mounted correctly (outlet at higher elevation than inlet). Thermal paste applied with only a small bead of AS5. Block feels a little warmer now after running for 4 days straight.
- Jon.