Sinestro's only points of malice are toward those who he thinks has cheated him out of what he deserves(Jordan, for instance), and those who have done that, and also whom he believes to be hypocrites pretending not to be what they accuse him of. He believes the Guardians have a lot of power that they hold, at best, inefficiently, and at worst, irresponsibly, and of course believes he would do better.
As time goes on Sinestro is proven right about the Guardians, though whether he'd be a good substitute is a whole different story. A lot of Johns and Tomasi's runs on these characters has been based around that proposition, that a lot of what the Guardians fight was brought about, over the long term, by the Guardians themselves. And they lie, a lot, to their followers.
So, no, Sinestro doesn't look at himself as a villain. He believes others have the wrong standard to measure "heroes."