There is another approach that one can take: Apply a very thin layer of thermal adhesive to the slug, then press the LED onto a sheet of waxed paper as hard as possible, to make the layer extremely thin. Then let it cure for hours, yes, hours, so that the adhesive becomes rock hard. Then remove the waxed paper--it just peels away.
Then one can apply the LED to the heatsink without worry because the previously applied layer will now physically isolate the slug from the heatsink--just apply a little thermal adhesive and press away. The second layer will fill in any voids from the first application and bond the LED in place.
You will get good thermal transfer and good isolation using this methodology. At least it works for me.