Next update:
Got the IR LED in the mail the other day. I tested the new LED with wires before actually installing it. Judging by the fact that the LED barely feels warm to the touch after 10 minutes of being on, it may not have to be mounted with something thermally conductive. I will error on the side of safety though. What sucks, is it turns out that the LED I ordered is different with respect to the wiring. The back of the LED (both old and new) is metal and acts as a electrical connection (like the mounting tab on most MOSFETs and other transistors). Problem is the old LED had the back connection internally connected to the (-) leg, where the new LED has it internally connected to the (+) leg. What this means, is that once the LED is placed on its copper pad, it shorts out the power to it. So, to get around this, the LED must NOT be allowed to touch (electrically) the pad that it sits on. This completely rules out any ideas of soldering the new LED down to the pad, like the old one was. I opted for the thermal adhesive (non-conductive) and shimmed the edges of the LED with electrical tape. I used 3 layers of 3M Super 88 tape and cut a hole just big enough for the metal on the back of the LED to fit through (tape shown in picture). I also trimmed the outside edges of the tape to somewhat match the silkscreen box printed on the circuit board. That helped with alignment once the adhesive was applied. The tape held a small gap above the PCB, that the adhesive filled and prevented the LED from squishing the adhesive out and allowing the LED to make contact with the pad while I pressed on it, waiting for the adhesive to setup. It took about 10 minutes for the adhesive to set. The left over adhesive, still on whatever you mixed it on, is always a good indication of how setup the glue you used currently is. I let it set for another 2 hours, then removed the tape and tested with an ohm meter to make sure the back of the LED didn't somehow contact the pad. Next was to solder the two legs down, try it, take some pictures, assemble, take some more pictures and post this. The snapshots from the cameras themselves, were taken from a (now fixed) Hikvision 2410 (image says "Mila") and a Hikvision 2432 (image says "playroom"). I think they look nearly identical and am very pleased with the result. I plan to order a few more LEDs for spares. The 2410 is only 1MP whereas the 2432 is 3MP. Not sure what lenses are currently on them, but the field of view may be a little different as the image sensors are different sizes too (1/4" vs 1/3"). The pic where I'm holding the camera shows the IR illumination on a white 8.5x11" paper from approximately 2.25" away. The blue light at the top of that pic is the cameras power light. If any of this helps anyone, please feel free to reply to this post. Then I'll know typing this wasn't a waste. Hopefully I can save someone else $100.