Don't forget that the P4 IHS has a hole through it in one of the corners. It might not be much of an issue with proper o-ring placement. The hole does go all the way through and when I was lapping the IHS, I cleaned it using 100% ethanol, and it would go in the hole and then back out around the bottom edge of the IHS in a couple spots where it was not sealed by the epoxy.
The IHS (at least mine) did not have a continous epoxy seal around the base where it attaches to the silicon.
Here are some pictures that you can see some of the P4 IHS features.
http://www.wsu.edu:8080/~i6735189/cpu/P4/P4.htm