I don't do a great amount of SMD work but have been successful with resistors, capacitors and the odd IC that I have replaced.
LEDs need some form of thermal paste, and with the round COB LEDs such as in theatre spots I have put a blob of thermal grease onto the alloy disk on the back before soldering.
Yesterday I showed a non-EE friend how to remove and replace the 5730 type LEDs in his reading lamp. I explained that in production the devices would be stuck down with a form of adhesive, and that it performed a thermal transfer role too. I didn't have any, so put a dot of thermal paste. This was not ideal as the component was slid around during the learning process and contaminated the flux etc.
The red glue seems to be very expensive for a such tiny amount.
Any ideas as to a source or alternatives for hobby use, and any tips?
BT