I just diagnosed a Toyota Supra last week. Same problems, same story as yours. It will climb too if you just rev the engine in "park," and is stays/goies down in temp when it's at idle.
My vote is head gasket. There COULD be water in your crankcase OR small signs of oil in your radiator OR no signs at all. If the radiator flushing solvent & hose flush, the possible air bubbles, no cracked radiator, then it is likely that leak. Sometimes, the is small bits of steam that comes off the engine after it is raced (like revving under the hood while it is in "park"). SNAKE is right about the thermostat either sticking open or closed (hardly does it fluctuate). If it hasn't been replaced in a long time your's is 1999, mine was 1997 and I chabnged it about 3 years ago), might as well replace it anyways (you also completely rule this possibility out). I am usually against buying tons of parts and guess check, but a thermostat (to me) is an item that should be replaced regardless. It's basically a temperature-based spring.
And how much mud could actually be IN the radiator? If it is on the OUTSIDE, it still shouldn't cause it to overheat that much. You don't seem like you wheel hardcore offroad either.
The H2O pump is going to be pumping whenever the engine is running and the belt and tensioner isn't slipping. Even if it leaks, it will still cool your engine a decent amount. If no water leaks under your truck, rule this out as well.
If it still WANTS to overheat when you drive at highway speeds, then it is not the fan or fan clutch. The fan turns off at those speeds and the oncoming air cools the radiator instead. Even if you throttle and re;ease when you drive, the temperature should want to go down again.
Your O2 sensors aren't related to cooling somuch. Fuel and combustion mainly, and this shouldn't be your problem.
Using the heater is does not always tell the status of the thermostat.
I agree with MAKG; normal temperature is around the 200* mark. That's why gauges are usually 140* - 260*.