There is a problem, that much I do know. All the vacuum lines are hooked up, everything on the HVAC side works as it should. The only thing that isn't "new" in the entire cooling system is the radiator itself. Its a few years old, and as mentioned above has seen some sh*t.
until you can confirm the tempature of the collant then you do not knwo if there is a problem. Like I said if my car runs hot then it takes far longer than 10 seconds to drop the temperature 25 degrees so I do not think your readings are correct. Plus have you tested to see if you have a good ground on the engine?