jab383
I use the MG Acrylic Lacquer conformal coating shown in bcavnaugh's post above to insulate all around the GPU with double coats on all those little parts.  Be sure none of the coating gets on the GPU die. If it does, Acetone or MEK will wash it off. 
 
When using a chiller below the dew point or using dry ice, the rest of the board is subject to condensation.  I put the coating on everything that doesn't get contact by the cooler - leaving VRMs and RAMs uncoated, but working around the edges to get the exposed contacts.  (Warranty?  What warranty?)  That part isn't necessary with the hybrid cooler or with a custom loop using only ambient air.
 
At around 500 watts on a chip the size of the 2080ti, there is a calculated temperature rise difference of 22C between liquid metal (Coolaboratories pro) rated 81 w/mk and a good paste rated 10 w/mk.  Temperature rise is directly proportional to power with 16C at 360W, 8C at 180W, etc.   That's enough reason for me to brave the risk with some reasonable precautions.
 
dc8flyer:  Liquid metal is so runny that any of the patterns that depend on pressure to spread the TIM won't work.  The LM runs off like you speak of.  Liquid metal needs to be spread with a brush all over the chip and the cooler's cold plate or it won't spread evenly.  That spread should be very thin.  That thinness is what limits runoff.  Even then, the small parts around the GPU need insluation.

Cool GTX

jab383
I use the MG Acrylic Lacquer conformal coating shown in bcavnaugh's post above to insulate all around the GPU with double coats on all those little parts.  Be sure none of the coating gets on the GPU die. If it does, Acetone or MEK will wash it off. 
 
When using a chiller below the dew point or using dry ice, the rest of the board is subject to condensation.  I put the coating on everything that doesn't get contact by the cooler - leaving VRMs and RAMs uncoated, but working around the edges to get the exposed contacts.  (Warranty?  What warranty?)  That part isn't necessary with the hybrid cooler or with a custom loop using only ambient air.
 
At around 500 watts on a chip the size of the 2080ti, there is a calculated temperature rise difference of 22C between liquid metal (Coolaboratories pro) rated 81 w/mk and a good paste rated 10 w/mk.  Temperature rise is directly proportional to power with 16C at 360W, 8C at 180W, etc.   That's enough reason for me to brave the risk with some reasonable precautions.
 
dc8flyer:  Liquid metal is so runny that any of the patterns that depend on pressure to spread the TIM won't work.  The LM runs off like you speak of.  Liquid metal needs to be spread with a brush all over the chip and the cooler's cold plate or it won't spread evenly.  That spread should be very thin.  That thinness is what limits runoff.  Even then, the small parts around the GPU need insluation.

Interesting info
 
but like you said ---> Warranty?  What warranty? ... extreme OC is at your own risk & Modding the Hardware is Normal

dc8flyer
Some excellent price cuts on thermal paste.
https://www.newegg.com/p/pl?N=100007788%2050016739

bob16314
A couple good articles with videos over at Gamers Nexus.
 
How Liquid Metal Affects Copper, Nickel, and Aluminum (Corrosion Test)
 
Tested for a Year: How Often Should You Change Liquid Metal?

Product Description

bcavnaugh
I now Going to see how well this run TFX Thermal Paste 6.2g
Thermalright TFX 6.2g 14.3W/m-K $49.99 Not Cheap.

flyinion

bcavnaugh
I am a big fan of TF8, I moved from MX-4.
TF8 Thermal Paste 2g Amazon
         TF8 Thermal Compound Paste 13.8 W/mK, Carbon Based High Performance, Heatsink Paste, CPU for All Coolers
TF8 — Pushes to the limit .. and beyond
Extreme heat transfer ability of 13.8 W/m.k meets the demands of even the most extreme user
No curing time means cooler is working at peak ability as soon as it is mounted.
Long life means years of trouble-free use (8 Year same as MX-4)
Non-conductive means no worries of shorting things out
Product Description
Specifications:
Thermal Conductivity（W / m-k）：13.8
Color：Gray
Thermal lmpedance (℃-cm2/W)：<0.01
Specific Gravity（25℃）：2.9
Useable Temperature Range：-220℃ / + 380℃
Content：2g
Electrically Conductive：NO
Harmless：YES

Is it noticeably better than MX-4?  I had been using MX-3 still (hadn't touched stuff in a few years though it was just running) and when I moved my parts to the new case a couple months ago I "upgraded" to MX-4 after read a number of articles and seeing lots of recommendations for it.  Don't mind buying something new again for my upcoming build, but only if it's really noticeable.