I have been to busy to update all of my threads, but this seems to be a case closed. After flushing the coolant system before putting in the Engine Ice, I did a very thorough examination of the cooling system.
As logic should have told me, the right side of the radiator has suffered minimal damage in the previous owner's crash. One of the tabs on the radiator inlet was bent just enough so that the cap could not sit flush. After pulling it back out and putting Engine Ice in everything has been just fine.
Yesterday I pulled over for gas and when I turn the ignition back on I was shocked to see the temp at 228. I turned the bike on to get the coolant flowing again and the temp plummeted back to 210 in less then a minute with some help from the fan. No boiling out or anything.
Picture of the convicted culprit, after being pulled back out a bit with a flat head.
Case closed.