The car is a 1980 BMW 320i, I've had it for a couple of months now and it has always ran a little to warm for my liking. A couple of weeks ago I did a complete coolant flush and much to my surprise everything came out really clean. the rad fins were full of crap and several were bent. I spent a good deal of time cleaning and straightening out the fins.
A couple of days after that the t-stat stuck shut on me. I was able to get it home buy turning the heater on full blast. I ordered a new t-stat but while I was waiting for it I drilled my old one and was able to drive it for a couple of weeks like that with it never getting much above half way on the gauge.
When the new one finally arrived I put it in and took a nice long test drive and all looked good. The next day on the way to work the temp shot all the way straight to the red mark, again with the heater on full blast I was able to get to work and home. I put my drilled one back in and sent the new one back for a replacement.
With the drilled one in and below 60mph or so it never gets above 1/2 but if I cruise much above that for any length of time and the temps start to creep up. As soon as I slow down or get of the highway the temps drop right back down. I figured it was because the area that coolant can flow through a fully opened t-stat is greater than the area I opened up by drilling it.
I got the replacement in yesterday and the temps shot straight up to the red again. I was able to keep it in between ¾ and the red mark with the heater on.
So I'm wondering if I got two bad t-stats or do I have some other issue?
If the water pump was bad I believe it would get hot even with the drilled one in. And it wouldn't drop temp when the heater is on because coolant flow would be the issue.
The bottom hose on the rad is cool to the touch so I believe the rad is doing it's job as well.
One thing I noticed is it’s not under any pressure. The upper hoses are very hot but I can remove the cap with no pressure even when it’s very near the red mark.
Any thoughts?

