In my not-so-modest experience with T43/p machines, neither NHC nor TPFC addresses the "pulsing fan" problem.
Replacing M24 fan with M10 works wonders in my book.
Replacing the M24 with a M10 fixed the pulsating fan issue on my T43. I guess drilling the hole + oil in the M24 would do too, but I didn't want to risk killing my only heatsink/fan unit.
Subjectively, I would say that the M10 and M24 make about the same amount of noise in dB. It's just that the noise characteristic of the unmodded M24 is horrid and gets on my nerves even at level 1. The M10 produces a neutral background hum.
RMClock and TPFancontrol are always recommended of course to further reduce fan noise.