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Thank you, Brett & MJ for the excellent guide and video!
My 1st gen PS3 had succumb to the YLoD after 6 years of virtually daily use, and I was able to get it up and running with the help of your instructions!
This was the first time I've taken apart my PS3 and it had accumulated a very significant amount of dust, which certainly contributed to it overheating thus causing the YLoD. I thoroughly cleaned the entire system, and used Arctic Silver 5 along with ArctiClean on the CPU, GPU and heat sinks to improve dissipation.
Since I already had all of the necessary tools, my only expense was $15 for the thermal pads (bought separately on Amazon), thus saving 80-90% of what it would have cost to send it in to get fixed professionally + I got the pads delivered next day and installed in under 2 hours, as opposed to waiting for roundtrip shipping and the repair turnaround time (1-2 weeks).
I had no expectations going into this, especially considering the age of my console, so I'm extremely happy with the results!!