I had a very similar issue recently where the car would "overheat" randomly. The radiator was a known good item(recored recently), the thermostat was the initial suspect item(Replaced for a lower temperature item - 80 degree), the hoses were fine, it was bled in a similar fashion to mentioned ealier(filled up half cut coke bottle - ran for a little - level dropped down indicating thermostat opening - then cap on.
In the end it turned out to be a dodgy guage. I had two other guages that I plugged in that read as expected while the existing one was off the scale. Now, if I see it "overheat", I can stick my had in the slot where the radio goes and jiggle the connection and the needle comes back into range! (I havent had a chance to replace guage yet)
I used a temperature gun to measure points in the cooling system(top hose at startup, bottom hose, thermostat housing...I could tell when the thermostat opened and closed doing this.
Maybe get yourself another guage - You can plug in the "new" guage without having to actually remove the old guage, by sticking your hand up the back to access plug.
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