And actually, searching farther, there are endless cases just like this on the net, in Ford Rangers/Explorers, where everything that should be replaced/checked has been. Enough for a TSB.
One common area of trouble was corrosion in the thermostat seat preventing a proper seat.
You never mentioned whether you burped it on filling. A pocket of air won't transmit heat through the system like coolant would.
Here is another burping method from "pawpaw" from a different forum.
"If you think the system didn't burp well after refilling, turn the cabin heater temp control to Max temp/heat, park front end up hill, the steeper the better, or elevate the front end, the higher the better, so the radiator is the high point in the cooling system.
Milk the lower radiator hose about a dozen times to chase any entrapped air bubbles toward the radiator. This works to purge air past the thermostat air bleed valve & back to the top of the radiator. If the new thermostat wasn't a Motorcraft, or a design like it with the air bleed valve, you'll have to wait until the thermostat opens for the air to pass the thermostat & get to the top of the radiator, so this step will have some but not full effect
Make sure the coolant recovery tank is topped up & that the radiator cap is functioning, as it'll burp air out of the system as it cools & automatically top up the coolant from the recovery tank. SO, if you'll mark the tank & check it after it cools down, you can see if the recovery tank level dropped when the system burped.
Top up the recovery tank with a 50/50 mix of distilled water & the specified Undiluted coolant.
Start the engine & let it fully warm up so the thermostat is fully open, the temp gauge peaks & drops back, or the upper radiator hose is too hot to hold. Then increase engine rpm to say 1500-2000 for 30 seconds or so, to chase any air back to the top of the radiator, then shut the engine off & let it completely cool & check the recovery tank mark & if it dropped you know it burped, so top it up.
If it drained the recovery tank you know you had a Large air bubble, so top up the recovery tank & radiator & repeat with the front end elevated, until it stops burping & the system should be purged of air."