I'd get the water temp problem sorted first.
Drain the system.
Look at the fins on the radiator, if there are a load missing from the centre of the core then maybe best to get it replaced or re-cored.
If the rad looks good then flush the rad several times in both directions, maybe change the thermostat to be on be safe side, and re-fill with the correct ratio of water to anti-freeze.
As the V8 has alloy block & heads then you need the anti-freeze to stop any internal corrosion of the cooling system.
With the gauges, I've always found that if I have them fitted then I tend to watch them and worry if it doesn't look right. However, if they ain't fitted then I don't worry!! :D
P.S. I assume you've only been running at 90MPH in Germany or on a test track!!