So in doing the swap over, I noticed the upper radiator hose was absolutely trashed, and was obviously spilling out drops at a time since the Tier 2 reset on it. Was able to just finish tearing it right off the machine... nice! The bulge was obviously a detonation waiting to happen.
New sensor swapped in from my donor, as well as new upper radiator hose, and we are in business. Ran it for 3 hour or so at 110%, and the set was just over 180*. Temp gauge sender cable wasn't even properly secured on the sensor above the high temp switch (as I watched the gauge flutter after the sensor swap).
Good times had by all! Already found a new home for this puppy though. Onward and upward.