Thermostats only affect warm up time; given two thermostats of equal orifice but different temps (say, 160 and 180), the engine is going to reach whatever operating temperature it's going to regardless of thermostat rated opening temperature.
Been through all this hell recently and arrived at the "overkill" level finally with mine.
Keep in mind - more horsepower means more cooling system needed usually.
You start with the basics:
1. Does the thermostat open at all? A Superstat is always a good idea.
2. Are all parts of the cooling system clean & unobstructed? Have you flushed hell out of it?
3. Is your coolant at least a 50/50 mix (if not a little weaker than that)? Water cools better than antifreeze, remember.
4. Heater core being hooked up or not doesn't matter. Hopefully you simply plugged off the outlets at the pump housing?
A hose looped between the two is a bad idea, creates turbulence in there.
5. Timing and fuel mixture both affect temperature, too. Just a heads up there, that's a whole subject by itself.
6. Are either of your radiator hoses collapsing? Seriously, it happens - especially the lower one. Watch it while the engine is running
and warmed up. Goose the throttle a few times and watch the lower hose - you'll see it collapsing if it's being cavitated.
(Some of us have installed springs in ours to prevent this).
7. If everything checks out as good, time to look at your radiator not having sufficient capacity.
(Personal recommendation here - as advised by Rick Ehrenberg himself, I bought a Griffin. Best move I ever made. Thing is a cooling BEAST).
Good luck and report back.