When you start your car leave the radiator cap off for the first few minutes and look down in the radiator, after it warms up you should see the water flowing without bubbles. This will also tell you if your thermostat is opening.
Defintely don't run the engine too long at higher temps will cause alot of damage. As far as the exhaust goes that's good that it has a normal smell. Are you driving this or just running it in the driveway?
It is good to hear from another local guy I live off Highway 66 & Liberty Grove. Listen for me running my 393W with no exhaust in my garage .
