Water flowing too fast and not cooling is just BS. One could use the same argument that if it's flowing so fast it wouldn't heat up either. Total nonsense.
LOL. Rethink this statement, it is absolutely not BS. A radiator, or heating/cooling coil's ability to gain heat (or loose it), all depends on the velocity of the coolant. Read up on hydronics, system balancing to be specific. A thermostat makes that flow restriction.
But to get back on topic, I've never run a t'stat in my SVO and I have never had that car even go 1/2 on the temp scale. I think the key is how long do you go before it overheats? Does it still overheat in cooler weather or when it's raining? The fan should really only be on when you're at low speeds, once you start moving, the fan does not do much. This all said assuming you are not loosing coolant and have to add some every day or have a bad radiator cap that drains your radiator when the system gets hot and is under pressure. With that said and HG/burping issues aside, the radiator is probably clogged with 20 years of crap.
I got an email with this yesterday...
http://www.americanmuscle.com/mishimoto-mustang-radiator-9495.html
Great price. I bet CJPP would price match it if you asked.