Radiator question

It very well could be the water pump vane plate is spinning on the shaft.
That would also explain why the cooler fluid coming out of the radiator doesn't cool the engine down. (still a flow volume problem)
Has it ever been off and checked, and is it the same water pump as before the rebuild?

It's not nec to remove the pump to check if the impellor is turning,, just bend up a tool similar to the picture,, and you can reach down the by-pass hose fitting and "hook" the impellor, turn the fan,, and check if it's secure to the shaft..

cheers..