Murt,
I suppose the temps here don't get quite as high as in Sunny California, but the track small-blocks here have run under 190F (water temp) in 90F ambient. I'll have to find out about the
oil temps. Both cars here are running the aluminum radiators, which do seem to run a bit cooler, although I think Don Durner is still running the brass one with his 427. Are you sure that the water pump's doing its thing? It sounds like you're getting some cavitation, or the impeller is loose on the shaft.
Oh yeah - rotor deflection...
Make sure that the wheel bearings are set tight enough. My technique is to torque the wheel-bearing nut to about 10 lbft and back off to the nearest cotter-pin slot.