Altered:"Can check actual temp by getting it up to normal operating, and carefully removing rad cap, install a thermometer."
I would sooner use a non-contact thermometer. Messing with hot coolant that could be under pressure is not a 'fun project'. Using a non-contact, just point it at the thermostat housing or the upper radiator hose. It should read in the 190F range, somewhere, not exactly 195F which was the spec for most thermostats in Limas.
If you don't get into the 190's, the thermostat may not be closing all the way.
If you want to check your gauge, temporarily touch the sender wire to ground. The gauge will wham over to full HOT reading with the key in ON. I would not leave it connected to ground for long, as it moves so fast that it seems as if it's over-loaded with volts.
I tried replacing the sender without draining. Big mistake. Coolant was all over the place, so I jammed the old one back in and drained the system(what had not already drizzled out) and then replaced it. I used Teflon tape on the threads. It will seal, and still give electrical contact for the sender to work.
tom