3.0's are NOT known to have air trappage problems in their cooling systems, so don't even worry about it.
Every thermostat I've ever put into my Ranger has fluctuated when new, so again don't even worry about it... give the 'stat some time to run in and it will eventually steady out.
Like I said air trappage in the cooling system of the 3.0 engine is not a problem... if it were then there would be some type of bleeder located on the top of the engine.
Trust me on this one - instead of wasting your time drilling holes and what-not, give your new 'stat a couple of weeks to run in, and I think you'll find that it will settle in nicely and will quit causing your temp gauge to fluctuate.
wicked , did you notice that this guy jumps in in perfect time to contradict everything the more experienced guys have to say , he did this on the e-fan thing also and turned that into a war
not flaming or anything , but mccormack , you need to give it a break , let the experienced guys do the talking , and maybe learn a thing or two in the process