340 running hot

Nope, you want the coolant to flow faster, not slower [ post #41 ]. See link below.
Retarded ign timing &/or lean cruise mixture will cause hot running. W/pump. The gap between the impeller blades & the pump body should be minimal, almost touching. This ensures that the coolant captured by the blades has no escape route & that the coolant gets pumped into the engine.
Nothing pulls air like a 19+ inch, steep pitch, mech fan. Replace your clutch fan if old or questionable.

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I've always read and been told that if the coolant
Exactly! Get it out of the engine as quickly as possible!
But if it doesn't spend enough time in the radiator where air can be drawn through, the coolant can not get cooled down, known fact.