I solved the air / bleed / burping problem by doing two things:
1) Installed an inline filler neck (
Inline Filler Neck Components - Factory Five Parts Catalog) at the high point of the hose from the thermostat to the radiator.
2) Installed a high flow thermostat (180°F) with three 3/16" bypass holes drilled in the plate. Those holes allow some coolant and, more importantly, air to bypass the thermostat even when closed. This modification results in the engine taking slightly longer to reach operating temperature in cold weather, but it allows the thermostat to function properly when using a high flow water pump at high engine RPM.