Another overheating situation 63 Slant six

The oil is fine, no foaming and minor discoloration, time for an oil change soon. I topped the radiator back with fluid and squeezed the bottom hose and yes there is movement and bubbles there but how accurate is that of a test?
The water at the bottom when I drained it was really cool, now warmth and the upper was quite hot.
Any more suggestions bar just replacing the radiator? So close to wits end!
Water pump? If all was working well until recently, I would discount the radiator being a problem. Though possible, they normally don't fail on a daily driver. Without a thermostat the flow ought to be very fast in the radiator and the bottom hose should be quite warm. If not, the water pump is the next stop I would make.