Why not CVD diamond instead? Good synthetic diamond approaches 2000 W/mK, almost 5 times better then copper. Furthermore it can be plated onto most metals (diamond dremel bits for example) fairly cheaply.
I forget the specifics, but some people on ArsTechnica looked into diamond plating heatsinks and determined that it could be done fairly reasonably, but they only looked into aircooling and quickly decided it wouldn't help enough.
Water might actually make it worthwhile.
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