First, you want to keep the LED as cool as possible (longer lifetime) so the more cooling capacity the better. Second, when I go on vacation for a week and the fan fails, I don't want my LED to burn up. Overkill? I don't think so. Third, the fans on full speed are barely audible compared to a CPU heatsink with fan.
A P4 intel cpu heatsink is designed to handle a CPU with what, around 115W maximum? In the long run you risk to shorten the lifespan of the LED. I wouldn't run anything over 50W on a P4 heatsink.
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