i wouldnt have though the thermal paste would make it freeze
i have had a few ps3's give this "GLOD" when a solder pad on the address lines has come off after doing a soldered downgrade.
if a data line comes off it red lights after 5 sec (slightly slower than a ylod error)
so i wonder if the clip has knocked a leg (or more than 1) and broke to solder to it.
if its an address line leg then this would give this "GLOD" (acting like the tristate is set to gnd)
yes the NOR will get hot in normal use so as yours is hot then it is getting power.