Your chip is not in danger of burning up, but stability at that temperature will not be very good. When mounting a fan on a very high end Tbird, always scrape off that pad they put on there and go get yourself some "Artic Silver 2" if you can find it. A little bit of this results in about 3 - 5 C lower temperatures just by itself. Taking the pad off will probably get you even more. Those pads are not that great, and downright dangerous on Tbirds, since they glue themselves to the core.
Be very careful removing the fan, DO NOT rock it back and forth if the pad did glue itself on.
If it did, I'd just leave it alone, the chances of you getting the heatsink off without breaking something are not that good.