johnksss
about a 5x5 square would be enough of liquid tape.
but the foam is the main part.if it's not insulated with foam, you will get condensation on the liquid tape and it will in turn run off in to the vreg at some point. thus ending your board.
side note.
if the phase change arm isnt insulated well, the ice buildup will run straight down in to the cpu socket and spill over on to the board as well.
once you address those two parts...phase is pretty much good to go for a very long time.
I wouldn't care if the board did fail. Actually, I hope it eventually does. If it doesn't fail, then I'm not pushing it hard enough.

But, of course I don't want to help set it up for disaster.
Alright, I removed the CPU retention mechanism, coated the board right up to the socket and coated the capacitors at the center of the socket. I will pack the socket pins with vaseline and slap it together.
The rest of the thermal insulation (foam -- not electrical insulation [which I have already done]), I will sort out when the phase unit arrives on Monday.