Sounds like you are getting close to the mark, Tony.
For reference, the EJ thermostat opens at 172 degrees, but that temperature maintained in the engine is supposed to be roughly between 190 and 210 F.
This weirdness is due to the Suby cooling system, with the therm on the bottom of the engine, guarding the block against incursion of too-cool water, instead of on top of the engine, set to allow too-hot water to escape.
Since the temperature-taking side of the thermostat is all-but-bathed in the cool, still water that's lined up on the low side of the radiator, the manufacturer employed what I regard as the Sube Goldberg design: It runs hot water out to the heater core and then back to the thermostat to signal it to open. And it uses a fairly low-temp thermostat (172F, stock, with cooler ones available in the aftermarket) to make up for the fact that the "hot" signal is coming through a 5/8-inch hose, and not the 1.5-inch hose the main circuit rides in.
Follow?
So 172F at the thermostat translates roughly to 200F at the temperature sender in the top of the engine.
This should work fine all the time so long as the flow through the heater core is unimpeded (or bypassed with a valve system).
The rads ought to lower the temp of the fluid going through them 8-12 degrees F. The fans are there to make sure there is enough air flow to do this when the car is idling. It should never need the fan to run above, say 10 mph and very seldom then. If it does, you'll want to improve your fan shroud, ducting or (possibly) the design of the system.
Pace Hoss, Sube's dual circuit fan system was and is designed to go heavy duty when the air conditioner is in use. The first circuit should activate at about 203F if the car is doing less than 7 mph. The second circuit triggers automatically with the A/C switch and will cycle with the main circuit if the A/C is running. It should be necessary only in really harsh conditions (or with the A/C running).
I have mine assembled without the high speed circuit and she's now maintaining at 190F (on my gauge, which is bulbed into the heater hose just ahead of the heater core to approximate what the stock sender is measuring).
I see no reason why you should not be able to get there as well.