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I had a situation somewhat similar and determined that the "new" water pump which had a stamped steel impeller (aluminum, early type pump without backing plate) was cavitating. I replaced it with a OEM Ford rebuilt unit with a cast iron impellor and all was good from then on. Symptoms were that the temp gauge would spike and then swing down low to about 140 then quickly (in seconds) up to 220+, back and forth.
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Rick
As you slide down the Banister of Life, may the splinters never be pointing the wrong way 
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