Hello FireFly
You can buy a plastic insulator that is made exactly for the dimentions of TO-3 package transistor and has good heat transfer characteristics. The clear plastic you have is old type. You can also find other kind of matterials that are like rubber . Almost all electronics parts stores has it.
I attach you also an image that saws how to use it.
Regarding the "Heat Transfer Compound" you can put it both sides of the mica isulator for better performance.
You can buy a plastic insulator that is made exactly for the dimentions of TO-3 package transistor and has good heat transfer characteristics. The clear plastic you have is old type. You can also find other kind of matterials that are like rubber . Almost all electronics parts stores has it.
I attach you also an image that saws how to use it.
Regarding the "Heat Transfer Compound" you can put it both sides of the mica isulator for better performance.