No, the TEC has to be tightly pressed between two surfaces. Pretend you have a normal block and see here:
The peltier can be held with a LOT of pressure between the block and cold plate without crushing the CPU. You pretty much just mount the pelt very tightly to the block and then the block/pelt combo with normal pressure to the processor.
with your block's round base you will need a hot plate also. Two pieces of copper with the peltier sandwiched between them.
See this noobish mspaint example of how it can be done:
http://ben.333networks.com/peltblockmount2.png