Well, I may have some good news on this front.
I drilled a 1/16 hole in the thermostat to help vent pressure and to allow me to use the combustion gas tester without the full flow of a open thermostat (in theory anyway). I then filled the block up to the t-stat housing and installed the t-stat. Fingers crossed, I ran the engine at idle and monitored temps with an IR thermometer as it warmed up.
Remember, the last time, the t-stat (180 degree) opened up after 3 minutes, on this 195 unit I was still only at 165 degrees after 5 minutes. I was able to remove the radiator cap without pressure and see some movement of the coolant and the level lowering about an inch. There was a little bit of flow happening via that bleeder hole.
Assuming that combustion gasses would pass through that bleeder hole (it should anyway) I used the liquid combustion gas tester on the radiator....stayed blue, no gas detected and this device is supposed to be very sensitive to even the smallest amount. I topped off the radiator with about a quart of coolant and continued to allow the truck to idle.
After 20 minutes, it still never reached the 195 degree level so the thermostat remained closed. It was running at 179 degrees and no hotter. The good part was that it was running very smoothly and zero smoke as always. I was also happy to see that I didn't mess up on my handiwork as there were no coolant leaks anywhere either.
So, I will have to take it out for a drive tomorrow to put a load on it and get the temps up higher. I wanted to do it tonight but it was already dark and do not want to spend time dealing with any issues in the dark before a work day. I do feel pretty confident in saying that I might very well have a good motor after-all.