Could be just a blown head gasket.
But VLs had to have the cooling system power bled as the radiator sits lower than the engine due to the drooping nose on them. This is a problem the R31 skyline with the same engine didn't have.
You basically have to force the air out of the system as when is rises to the top it sits in the head rather than going to the radiator and out of the cap.
Take the car to a garage that knows how to bleed the cooling system properly and see if that helps.
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