All I can think of is that I had the rear wheels up on a ramp when I drained the radiator and changed the thermostat. I wonder if that created an air bubble in the engine.... I'm gonna remove the thermostat and see if that releases the bubble in the process.
If you have the vehicle at 45 degrees, it won't matter if the thermostat opens. The flow from the pump will purge the system with a couple of blips of the throttle.
GM small blocks just don't hide air in the system like you're thinking.
The only place air might hide is in the heater fore --- more so if you also have rear heat.
Since the old bad 'stat doesn't surge and the new one does, it's pretty obvious what the problem is.
In a shop, you don't have time to hand purge a vehicle, so I took an old radiator cap and ripped the smaller rubber seal off it.
That way you won't build pressure, but the cap will allow coolant to go back and forth from radiator to recovery bottle until the system is pure coolant with no air.
........ and since it can't build pressure while the engine's running or gets shut down with the dummy cap in place.... you can just take the cap off once you've had full circulation, and calmly put the new pressure cap on it with no blowing coolant, no scalded mechanic and no expensive coolant lost.
If you make one of these caps, you'll find it helpful one the really tougher cooling systems when it just won't purge.
Again though ....... GM small blocks just don't have the problem you're having unless the thermostat is goofy.