yes, you definitely have a cooling problem . . run it by a radiator shop or auto repair shop and have them check the temp with the infra red gun that was mentioned right behind the thermostat housing if you donlt have one.
as mentioned, do not run a 160 thermostat, it's too cold if it works, plus it can cause a marginal cooling system to run hot . . run a 180 or 185.
your fan is likely chinees and doesn't flow enough air as was mentioned . . i would not buy a spall unless you are rich . . if you need a fan, buy a used ford taurus one and cut the shroud down to size if you have the narrow 66 type radiator . . if your radiator is wider you can use a contour dual fan or lincoln fan.
i would buy a dcc brand controller for it or at least a soft start box.
you may need a higher amp alternater with one of these but lots of people get by with the stock one.
i would also set the ignition timing to the optimal level but this takes a bit of dloing . . an inaccurate ignition timing can definitely cause an engine to run extremely hot.
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here's kind of what one will look like cut down . . you can make strap type brackets for it to mount to
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