Classic/Antique Car Repair: Rad, rad cap, temp down

Question
RJ
I did as you suggested and changed the thermostat and rad cap on my 230 6 cyl chev engine.
This did bring the temp down a bit.There is a water temp. gauge mounted under the dash(I dont know if it is working correctly) and it used to max out at 250 before but now it hovers at 225.
I assume this is still too hot? The rad is still hot to the touch after only a few minutes but not as hot as before.
Question: The exhaust system is shot-it is all rusted out,right up to the manifold.Could this be part of the problem? Thanks

Answer
Barry;
I knew it would come down, but it is still hot ? is the fan close enough to the rad, is there a schroud on it ? and does the fan belt slip. Is the water pump working ok. and is the top hose getting sucked closed when running? as far as the ex. / muffler I do not think it would cause the rad. to get hot. the gauge itself could be bad, if you are not boiling over with steam , than the gauge could be bad.
RW