Back at it after thanksgiving with the family. After loosing pressure during the last attempt, I switched over to 20w-50. I installed a new 180 degree thermostat and put on a new radiator cap. The radiator had some "junk" in it and there were some calcium deposits around the thermostat. I tested the original thermostat on the stove, and it was functioning properly so that wasn't my issue. BTW, the radiator bracket turned out really nice (see pic).
I burped the system for quite a few heat cycles, but I couldn't stop getting bubbles to come out. I also didn't see the levels going back down in my overflow tank after cooling. With more cycles than I'd like to admit, I realized my lower radiator hose was leaking and letting air into the system. Note: always check for leaks during/after heat cycles or you'll be doing it all night. I tightened up the hose (it's a bit bulgy and probably needs to be replaced). The cooling system started to do more expected things, and after some bumper jumping, I was convinced I'd gotten enough air out of the system.
Victory!!!!

Temperature stays at or under the first temp line on the gauge and oil pressure stays around 20 at hot idle. Pressure is still responsive with revs so I think we're good to go.
I took it for a quick run up the street, and it maintained a nice stable temp. Pressure was good when I came back, but I couldn't see the manual gauge while driving. I expect it was fine.
I should have stopped with a win, but I had some extra time to check out the fenders. As I said before, I'd like to get them solid before I drive it much so the cracks don't expand. I had a heck of a time getting the side step off. With the lift, the carraige bolt no longer reached to the bracket and made a nice wallowed out hole in the rail the bolt fits into on the underside of the step. I ended up having to cut out the rubber support under the step to make room to get a wrench on the carriage bolt. I'll add that to the list of things to fix. I only got the driver side off, but I expect the same on the passengers side.
Bad news on the fender as well. I started digging into it and found about a 1.5 cm of bondo ontop with a nice rust layer underneath.