I think, for what it's worth, you must have a blockage somewhere in the water channels.
I don't know about finding it though, without stripping the head.
My monies defo. on a blockage in the engine channels.
The only thing you could attempt, without dismantling, is some kind of mega strong flushing agent!! I read something over the other side once about the "pope" method.. and I've heard of people filling their coolant systems with petrol (from cold!) and running for a very short time... not sure I'd want to try it though!!!
Also, Jamie, have you flushed that heater matrix yet? Regardless of the heat in the cabin, they can gunge up and restrict coolant flow - on some cars it has more of an affect than others. (Eg rovers don't seem to mind it - but Omegas (V6's anyway) run very hot with matrix a bit blocked)
I know it's a knuckle scraping job... but flush it from the top first, until it runs clear at the bottom... let the hose run for a good length of time... and then reverse flush from the bottom... you should see more crap coloured stuff come out when reverse flushing.....
But if it was the heater matrix blocked, then the engine would cool when the coolant flow to matrix is stopped by hbv when set to cold. Also, heater matrix doesn't appear to be in main coolant flow.
There is a large hose from the head to the top of rad. There is another large hose from the bottom of rad to back to stat on the block, so should be a good flow from block, around engine via pump to head, to top rad hose, through rad, back to stat.
The original stat had holes drill in it, in effect bypassing it.
Is it possible to put the stat in wrong way round - would it fit, and would it affect it? I put stat in same way round as old one came out, though possible that was wrong??