[Bobcat]

What cycleguy said about thermostat "ratings" .... X2 ! So many people think that a 180 degree thermostat will hold the temps at 180 degrees . There is also a tolerance of =/- a few degrees on the settings . Test your thermostat by putting a piece of string in the seat , drop it in water and bring it up to boiling while monitoring the temp . When the unit drops off the string is when it is stating to open , note the temperature .
FWIW , I run a consistant 190 degrees except in traffic when it will get to 195 to 200 degrees .... drops when I get up some speed . Track is about 195 to 200 degrees .
You might want to verify that your gauge is reading correctly before spending a lot of time and money on other things .
Check your timing ... it can have a big effect on engine temps .