Ever run a hotter thermostat? 180/195. Really sounds like the radiator capacity is not big enough. If all the other items are in good working order and your sure the distributor advance is operating correctly then you really need to look at capacity.
http://kurtspontiac.homestead.com/DavidJones69GTO.html
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frittering and wasting the hours in an off hand way....
1969 GTO, 455ci, 230/236 Pontiac Dude's "Butcher Special" Comp hyd roller cam with Crower HIPPO solid roller lifters, Q-jet, Edelbrock P4B-QJ, Doug's headers, ported 6X-8 (97cc) heads, TKO600, 3.73 geared Eaton Tru-Trac 8.5", hydroboost, rear disc brakes......and my greatest mechanical feat....a new heater core. 
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