ya you'll be ok with that cooler probably. if your able to stay around 50C at MAX during load, then your ok. no more though. maybe 63C at most.
and the TRUE is the Thermalright Ultimate Extreme. they have a normal one called the Thermalright Ultra 120, and the extreme is the TRUE hense the E. it's better, like fumz said, if you can get the 90, or the 120. I'd strongly recommend it. or get it shipped. I know plenty of AU peeps that have them. I use a Australian Forum also.
if you cant find that look for the Tuniq Tower.
Also give this a look for the complete correct Thermal design limits and voltage limits for your CPU.
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Acording to this, the e8500 just like I said, max should be 1.3626. you could probably do 1.4v and be ok, but thats when you might be betting on the life of the CPU. but thats a small ammount over it, don't take my word for it. but it's the people going an entire click over the design limit like you said that are Gambling. I'd not go anywhere above 1.4 like my Q6700 can be up to 1.5v and the higest I've gone yet is 1.4812. I've yet to try 1.49, i think that could get me to 3.8
oh and on that same page i linked to. I found some really cool, and interesting info. Most intel CPU's Max temp limit is 70c, and above that they can be damaged and even have automatic shutdown for protection. but apparently these new 45nm chips can handle more. and thats really really cool. the e8500 with C0 stepping. (Whats ur stepping?) can handle a thermal
design power limit of 72.4 C. thats 2.4 higher than the 65nm chips. that makes a difference in OC's. and even better, the newer e8500 with the new and improved, and great overclocking E0 stepping has a better thermal rating of 74.1 C thats not to shabby, but either way. I'd not go above 65C just to be safe.