As a couple of data points - in production we're using a TIM that is not very good but is very durable and Chili slows itself down to keep from overheating. This gives around 20GH/s and under 150W. But with a good TIM, we routinely are getting over 30GH/s and more than 150W. Of course we cannot guarantee that speed for all boards, but it seems possible on the few we've tested. Keeping the chips cool will get more hashrate.
What are your thoughts on cooling capacity of the Hyper 212 Evo vs the Twin Turbo II, with the 11W/mK TIM? I personally prefer the parallel airflow direction of the former. But I want to be sure I'm not limiting my hashrate.