Yes you can replace it. You don't have any separate ramsinks and everything is screwed on.
It's not too difficult to change the paste, just make sure you remember where the screws go. I replaced the stock compound on my radeon 3870 and 4850. Unfortunately, I can't speak as to the effectiveness of the stock compound since I did my 4850 before I even used it and I haven't used my 3870 since I replaced the compound.
Just one more note, the ram will likely have thermal pads as opposed to thermal paste. Due to the spacing, you won't be able to replace them unless you buy new thermal pads. But that's fine since the ram will certainly not get as hot as the GPU. Just make sure the pads stay aligned when you put the heatsink back on.
I used AC MX-2 for both my CPU and GPU. Pretty good stuff, plus it's not electrically conductive so no worries with shorts. Better than AS5 from what I have read, but I haven't tested them myself.
As for if it is worth it?
Maybe 1-3*C difference, depending on the effectiveness of what you have now. I thought the hyper 212 came with good stock stuff though.
For me, it's always worth it, even if just to see if there is a difference. But I think on average the gains will be minor. And if you are overheating severely, you might consider an aftermarket cooler for the 470 or better case ventilation.