Knowing that the Time Capsule case itself is likely designed to act as the heatsink (similar to the Apple TV), I figured that it might make sense to exploit this a bit by adding external passive heatsinks to the top of the case:
1) Get some thermal tape (3M) or silicon gum pads and attach these to the bottom of any standard chipset/memory heatsink. I'm currently using some wild looking Northbridge aluminum heatsinks from Zalman:
http://www.zalman.co.kr/ENG/product/Product_Read.asp?idx=131
2) Going simply by touch temperature alone, I divided the top/back of the Time Capsule into 3 high-heat areas by which to place the heatsinks, somewhat evenly spaced apart. Now simply attach the heatsink...
For lack of a better scientific test, judging the temperature to touch before/after I can without a doubt claim that the passive heatsinks make a signifiant improvement to cooling the device. The entire device is now simply warm to the touch, rather than being hot.