Looks like you could do with a fan to cool the hard disks if they're running at that temp. You could drop those temps by 10'C or so by installing them, and increase airflow through the case at the same time, which will help reduce general temps further. I wouldn't say its a massive problem right now, but its typically recommended that they run 30-40'C in normal usage, although up to 50'C isn't uncommon.
As an example, my case is well cooled and running 5 disks right now -- they're at 32-35'C despite having run for the last 30 hours solid.
All of those compounds are worthy of use, another firm favourite is Arctic Silver 5 as well. Is the system overclocked at all?
Stress testing your CPU is going to produce heat, although better case cooling will help reduce overall system temps inside the case. A better cooler might help reduce those further, however, but ultimately, as long as the system is remaining stable you should be fine.
It's also worth pointing out the stress testing tends to load the CPU up more than other intensive tasks tend to normally. A better result (that's more meaningful) would be to install something like HWMonitor, run it, and fire up a game for 30 minutes or so. That'll give you a very good idea of the real temps you getting whilst gaming. If you don't game, just fire it up and run it for a couple of hours of normal usage and then check to see how hot things are getting with real world usage.