I guess the last response didn't read that you have already changed the cap. I had a 68 coupe that had some of the same problems that you are seeing and it turned out to be the water pump. I know you said it turns and looks fine but on this car it took four different pumps to fix my problem. These obviously some cheap pumps I was using but it just shows that some work different than others even when they look fine. You've obviously tried quite a few things but I think this is your best shot. One more thing, you might consider changing that temp. sending unit also, mine always showed cool even when the car was boiling over !
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