for those of us here to soak up new information, the moral of the story is that he had an air pocket in the system, yes?
I had an air pocket in the cooling system of my daily driver not long ago (03 ford explorer, 4.6L) and I learned the hard way about the "Fail-Safe Cooling" system that ford sticks on those mills... i was moseying along minding my own business, temperature reading perfectly normal, when suddenly bells and whistles start going off, and she starts bucking and coughing. On the side of the road i read all about "Fail-Safe Cooling" in my owner's manual . . . when the computer detects a high cylinder head temp, it protects the engine from damage by cutting off every other cylinder, in essence turning it into a Jake Brake i suppose, and the cool, uncombusted air keeps things from overheating.
I guess that steamy air pocket must have hit the cylinder head temp probe, because otherwise, the temperature was normal.
Worked the air bubbles out by squeezing the upper rad hose like a siphon for an hour or so, on the side of the road. FYI that late model thermostat in my explorer comes stock with a 1/8" vent hole drilled through it, with a small metal pressure-stopper (like a reverse drip-valve).
My Bel Air normally reads about 10 degrees higher than t-stat temperature setting, but since the discrepancy has been consistent through a few thermostats, I chalk this up to the the fact that the probe is plumbed into the side of the engine, rather than into the intake near the thermostat housing. (previous owner did this, I just changed it back this week during engine rebuild, we'll see if the reading changes.) I assume that because the fluid encasing the thermostat is 180 degrees, doesnt mean that the fluid at the rear of the engine is also 180 degrees. maybe someone has a thermodynamic law for this one.