New radiator right? I just don't see the radiator being plugged. There would have to be significant debris to cause this, and weren't you seeing the same problems with another radiator?
my TBI 454 runs 208 all day long with a 195 in it..
Is it possible that my cooling system just isn't up to par for my demands?
What would running the wrong rotation water pump do to the system? Any chance that's what is going on?

Definitely take it for a spin with no t-stat, if it DOES act up without it, you don't want that to surprise you when you are towing.
Going to be hell with the fuel injection, but for short term I don't think it will be that big of a deal.
If it will idle at 200-210 your fan SHOULD be good. I would be more suspect of fan if the temp wasn't a spike as it is.
Whats the radiator size on the '94 comparatively? You said it has no problems, and new or old radiator, the new one is getting hot anyway.
The spike thing may be thermostat, but I do not see the overheating while towing being the same issue. I've not heard of a thermostat partially sticking just enough to raise engine temp, but not so much as to overheat.