Yeah, after it cools, it should work fine.
BTW: putting a heatsink on top (where the label is) won't do anything. For one thing, it's plastic; and another, the FETs aren't there. The heatsink needs to be on the bottom part of the case (smooth metal part), since that is where the FETs are.
Also, as long as the thermal pad is still present and working right, you shouldn't need a huge heatsink. The one I have in the picture below is perfectly fine along with that internal mod I was talking about
:
Note: It might look like the black fins are attached to the side of the case, but they're not. The fins are attached to an aluminum mounting plate, and that plate is thermal-epoxied to the ESC case.