My '51 Kaiser is doing the same thing. Scary. I cringe every time I get stopped in the Seattle-area's I-5 traffic. It seems to have gotten worse lately.
Could it be related to having had the motor bored out? Mine is at 30 over, according to the rebuild shop.
At least it hasn't vapor locked since I tightened the fuel lines and only use no alcohol fuel!
I'm going to start with having the radiator re-built.
While running in 85° temps through the center of Oregon one year, I used one of those 'laser' temp sensors (from harbor freight) and compared my car with the three others running with me. They were all within one degree of each other, around 175° if I remember correctly in the same circumstances, even though their temp gauges were wildly different from each other.