Sounds like the system has air in it and needs to be purged. It could also be air trapped in the heater core doing it as well...
does the t-stat have a small valve on it to allow air to escape? if not, you can drill a small hole in it to help let the air out. Is the water pump making any noise/wobbling and is it turning in the right direction? (idk if you messed with the belt routing)did you flush out the 4.3 rad before hand? what kind of coolant are you running?
Sounds like air to me too.
Jack the front end up a few inches and make sure it's secure, start it up and let it run up to temperature, and pump the upper radiator hose by hand. Shouldn't need to run for long to get the air worked into the upper rad hose if there is an air hole in the thermostat, and pumping it by hand will usually help get it down into the radiator, if you're doing it with the cap off you can fill and continue, if not you'll have to stop and re-fill and start it back up. It's always worked well for me.
Could be too many holes in the T-stat. How many and what size did you drill?
It has to be stuck...