Yes, petroleum Jelly is fine. It's a cheap substitute to dielectric grease.
I think that the main concern would be filling the gap between the GPU and board, if there is one. Personally, I'd use a syringe to fill that gap, but maybe you only need to cover the pins, dunno.
Otherwise, you're looking at the usual neoprene (front and back), once you've put the conformal coating on the relevant areas. You might want to re-read Joe's article.
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