When you went from V-belt to serpentine, you swapped to the reverse-rotation water pump, right? I don't know why, but sometimes water pumps are just bad these days. Also possible to get one mislabeled or in the wrong box, too.
How much is the fan turning at idle? Right after you shut it off hot, how hard is the fan to spin?
I assumed the OP is talking about the "semi-serpentine" (my trademark lol) setup that really isn't serpentine at all. Just a serpentine style belt (flat, ribbed) that doesn't use idlers or tensioners. Maybe GM did use a combination true serpentine/v-belt setup but I'm unaware of one.
If I remember others experiences correctly, using the wrong rotation water pump often the vehicle idles at the proper temp, but any throttle and the temp climbs rapidly.
I don't see this as a coolant flow issue or the problem would be worse under load (cruise, higher RPMs) and less at idle/no load, which it's not.
Upper and lower hoses are soft with the engine off, solid with the engine running?