Mine is sort of on the road... as much as it has ever been under my ownership and has been in the last 30 years (no, not a joke or exaggeration). As you can imagine, there are a lot of other things going on with that vehicle other than cooling issues.
... I've had some great luck with what's going on, but I still think I personally have tuning issues with mine - I've already proven (at least here at home) that the radiator and fan I currently have is able to cool the system. My 2 core aluminum Champion radiator was not up for the task, and the PS/trans cooler was adding heat soak, so I completely redid those as well.
With the new, much larger radiator, I did a test - I purposely ran it up to about 220 or 230 without the fan on and a high idle, then kicked the fan on with no other changes - and, although slowly, the needle moved downwards. Once I actually moved it back and forth a couple times in the driveway to actually get movement flow through the radiator, the needle dropped further.
I have a cheap temp gauge - and another thing I noticed is a roughly 10% variance in reading based on whether the engine is running or not (to say that - there's a variance in reading from voltages - when the vehicle is shut off the needle immediately drops 10-15*, start it right back up and it'll move back up - it isn't based on coolant movement/stagnant, otherwise the temp would increase).
I've also known that mine isn't running quite right. A "rebuilt" quadrajet (and unknown if it even is the right one for that engine) and unknown timing - and I haven't seen any vacuum variances when messing with the idle adjustments tells me something is wrong. I'm carb stupid, and replacing the parts internally on the carb is about the extent of my carb understanding goes (though to be fair, I was able to clean and "rebuild" a Marvel Shebler unit on a 1965 International Harvester tractor to get it running for the first time in 4 years....). My next step will be to check timing and back it off a couple degrees. At that point, it will be - drive it and if I destroy the engine, so be it - I'll find a truck or suburban with a good 350 and EFI for under $1k and just swap the engine and harness all at once. For my rig that now means... a little tinkering with the engine but focusing on things that I've otherwise ignored as I attempted previously to tackle the "cooling" issues.
In my readings/studying - I didn't fully trust that the only way to cool a SBC 40 is based on engine placement and a large fan - same reason that you can run a BBC in a rat rod with an electric fan without massive cooling issues, a trophy truck can make gobs of power with a radiator that has electric fans, or that a mid engined car works at all... Yes, it is a tried and true method, but can't be the only one.
However, 40 specific - I was reading a bit and how surface area of the radiator is more important than number of rows on a stock-sized radiator- and also not necessarily the quantity of rows, but the size of the tubes in the rows. The radiator I went with was a universal unit from Summit Racing (the biggest downsides are that you have to fabricate your own mounts entirely, and there's no drain), 2 core with large tubes (either .75" or 1", I don't recall.... they were significantly larger than the Champion radiator), cross flow, and about the max size that would fit in a 40.
The 195 t-stat is always an interesting topic. This is somewhat of a broad statement - but if you're running EFI, a 195 makes sense because the coolant sensors are expecting a certain operating temperature range, and if too cool could be running overly rich. However, I've seen it many times that the 195 t-stat is required to properly cool the system - but that isn't the case. Chevy used to sell their vehicles with t-stats in SBC cars (including corvettes) with as low as 160* - this was because the system was able to take the extra burden of the heat, run it lean with advanced timing and make more power. They actually went with higher temp t-stats when the EPA starting cracking down - chevy actually did it more for meeting pollution standards. (That isn't to say, though, that their systems then weren't designed to work best with a 195 t-stat)