Do you have a fan shroud still on there? If not, then your fan won't pull jack for air through that radiator at idle or low speeds (below 45 MPH). If it's getting hot when you're cruising ABOVE 45 MPH, then check if you're missing the air dam that goes underneath the radiator support on the '87+ models - y'know, the big rubber or plastic "ground effect" kinda thing that traps air from scooting under the car and redirects it up to/through the radiator.
Also, have you ran a compression test on the motor, yet? If you find two or three cylinders on one bank with numbers lower than the others (like 80 psi or less while the rest are 100+ psi), then you've got a blown head gasket.
I've been fighting cooling issues on my '84 for awhile now and I've narrowed it down to the radiator itself being full of deposits (it's the original from '84 and some doofus prior owner ran straight water in it for ages
), the need for a fan shroud, and a proper fan and clutch (flex fans SUCK). You could switch to an electric fan to help with the low-speed/idle cooling problem, and free up a few horses while you're at it, you MUST upgrade your alternator to a 130+ amp alternator (3G alts rule) because ANY electric fan pulling enough air to cool a 5.0 will draw more amps than the stock alternator can really afford to put out, especially if you have the headlights and/or any other accessories running.
Most common causes of overheating:
1. Failed or missing thermostat;
2. Plugged-up radiator;
3. Blown headgasket;
4. Lack of airflow to or through radiator (missing air dam and/or fan shroud, or road debris buildup);
5. Bad fan clutch (allows fan to "slip" too much);
6. Incorrect or failed radiator cap (lower cooling system pressure = lower boiling point);
7. Significant coolant leak (water pump seepage, leaky/ruptured/rotted hoses, loose clamps, etc.);
8. Timing WAY too far off (usually results in other obvious drivability issues);
9. Air pockets in coolant system;
10. Your name is Dave and, thus, anything that can go wrong with your car WILL go wrong, especially around paydays or when you have excess funds