I've owned about 400 of those engines - just three right now! System known full, start engine from cold and hold the upper hose near thermostat - the sign that says "caution-fan" means it as you know. That hose should stay stone cold all the way to the radiator till thermostat starts to open - period. If not the thermostat is broken and I don't care how many you have put in it's supposed to stay shut.
These thermostats are easy to let fall out of their spot when just tightening up the housing and a good one will be indexed as to what it TOP with a teeny, tiny ball check to let air out. As always the spring and wax pellet go towards the engine.
This about must be a thermostat problem. Test it in a pan of water on a stove (may create domestic problems especially around holiday cooking times) and watch it open. T-stat should be 192F -- 195 is fine and more common. Clean and dry the housing, use minimal sealer to hold and lock the t-stat in the housing with the gasket. Bake to 350F for two minutes (JUST KIDDING !!) but let it get good and stuck in place. Wire wheel brush the bolts and put a smear of lube on them as you need miniature fingers to get them started when putting this back on car. Another trick is use lashing/mechanics wire to hold bail of thermostat tight inside cover and bend wire ends over unhosed outlet of cover till this is snug against engine and you can pull the wire out. Test that with wire as it must be soft wire or this becomes the problem if it doesn't just come out easily.
You MUST know that the cover is holding the thermostat in place as the slightest slip will allow coolant flow and the engine won't warm up in moderate to low temps. The 1/2 inch timing wrench is good at getting to the harder bolt. There are two styles there and one doesn't allow sockets at all to attach that bolt.
From there you can fight with the by-pass hose and finish. Aim all hose clamps so you can tighten them with 5/16-8mm 1/4 socket on extention when all together as room stinks around there.
IT IS EASY TO LOUSE UP THESE THERMOSTATS! TOSS ANY THAT HAVE BEEN BENT THAT DID FALL DOWN FOR YET ANOTHER NEW ONE. NOTE: THE OE ONE WAS BARBED TO STAY IN PLACE AND NO LONGER AVAILABLE.
Note II: The metal hose under intake plenum has a 10mm coolant hose out of sight in it to keep upper clam shell warm and it is impossible to replace that without removing the manifold upper part. Hit back and we'll find a new metal tube if yours if NFG for some reason. I doubt they are available new but might be - haven't checked lately.
Note III: If you have Done all the heater hoses you will note a metal cork/plug in the inlet hose with a pencil size hole to slow coolant flow down to save the heater core. That could easily be plugged. If you have ATC the thing with two wires just delays fan till warm coolant is there and can be jumper wired - common problem and it only controls the fan not restrict coolant. So far anyway with those.
If this is not the thermostat from what you said I'd be surprised but we can get thru this. Upper hose test will tell,
T
Tom Greenleaf - MetroWest Boston - USA
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http://www.autoacsystems.com/tomgreenleaf/