Can i just isolate that chip by removing some components or cutting a track?
You can't, the signal travels from the 1st to the th63 chip, the control board will only power the hash board if the signal moves uninterrupted all the way to the 63th chip, although I have seen some work with 52 Asics, I guess that is because the chips are divided into domains, so only a few chips can actually be isolated and that is a rare case, I don't know the inner workings behind it but the short version of the answer would be "NO"
Or is there a way to reattach the heatsink with some form of glue/compound?
Yes, there is, here is a perfect and simple tutorial
https://www.youtube.com/watch?v=378FPjkHQJc , you can find many more on Youtube.