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Lesson learned, just because the water pump LOOKS fine, doesn't mean it nessesarily is. Today I said the hell with it and changed it, seeing as how it's the last original part and was only $45 plus it's interchangable with the 351 if I were to get it. Just got back from the test drive and that guage didn't go above 200 deg and then you could see the t-stat open up.
I tried to get those plug out to drain the coolant from the block but they wouldn't budge, so I soaked them in penetrating lube and I'll try a full flush later on.
You have no idea how happy I am right now, I really do love this truck.