I have been running this motor for about 2 yrs. now. This fluctuating temp problem started when I changed the thermostat. I was able to get some more coolant in last night, by disconnecting the upper rad hose at the housing and pouring it down the hose. I started it up and let it run at a fast idle with the fan running. The temp seemed stable. Unfortunately, we have a wet weekend forcasted. (Ernestos last kick at the can) I won't be able to get it out on the road. I am going to take the rad hose off again, and see if it will take any more coolant. Wish me luck!
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"The 427 Cobra is easily the highest performance car ever sold for street use. A decent 427 - not the worst, not the best, will go from zero to 100 mph and back down again to zero in less than 14 seconds. All thing considered, you can put together a pretty good argument that the 427 Cobra is the ultimate performance car, judged on any basis you want to name." Taken from; Corvette, The Sensuous American