RCL,
Before you start trying to put too much temp in that engine you might check your oil temp. On my deal I've always had 180-190degree oil temp when running it kinda hard and the water temp only showed around 130 degree. So if you don't have an oil cooler you may want to watch the oil temp before you start restricting the water flow. I don't know if you have an oil cooler or not so this might not mean much to you. In my application I'm going to have to run an oil cooler if I want to run mine hard for more than short spurts.
PS I think its better to restrict the flow after the waterpump and after it exits the engine.
JMO
Loren