Where you don't get much thermal expansion, like heatsink to epoxy package, rather than to die or heatspreader, then it's still working even if it's dry, the grease is just there to get the conductive particles in place really. Where you've got continual small amounts of thermal movement in higher power thermal interfaces, then it's probably more worth it. However, vibration and moving the system or card around can disturb a TIM that's gone powdery. Probably you want to use one that is regarded as longer term stable. I think Arctic Silver used to recommend their Alumina paste for longevity.
Unicorn herding operations are proceeding, but all the totes of hens teeth and barrels of rocking horse poop give them plenty of hiding spots.