To alleviate the engine running hot I relocated the waxstat coolant supply hose by splicing into the upper radiator hose much lower than I originally had it using a very short T off a mid 90's Mercedes and a silicone hose from Prothe (Hans Auto. He gets hammered online but has some good stuff.) I was hoping to prevent air from being drawn into the waxstat lines. It did help but didn't completely solve the problem.
While draining the coolant, and I've done this about 10 times to get rid of the oxidized material, I found a kink in the line from the lower radiator to the thermostat. I placed another piece of hose around the kink and it now flows perfectly, doesn't overheat and there's no sucking steam sound. Problem solved. I'll re-plumb this with a pieced together hose.