Is it possible that the new water pump is wrong? Earlier non serpentine belt 351's used a standard rotation water pump. 351's with a serpentine belt use a reverse rotation pump.
Also, even though the thermostat is new, it doesn't mean it's working properly. If you let it warm up with the radiator cap off, can you see water flowing?
Just be careful not to get burned from hot water. While your at it, hold a rag in front of the radiator while the engine is running. If the fan is working good, it should suck the rag against the radiator.
i bought this truck from a lady here in eudora,ks. its an 88 F150 shortbed, 2wd, EFI 351, a/c ,pwr windows,locks, remote start, rear slider, and she just had $600 put into the a/c a year ago,dual tanks. it has 42k origional, its pear white with topper, and not one rust spot on it. she has cancer and couldnt drive anymore. its seems like i stole it at $700. this overheating problem is kinda gettin me down though
If it overheats on the highway, then you can rule out the fan clutch. Besides, the fan clutch doesn't work on my Bronco that well and it never gets too warm.
Was it overheating before you replaced the t-stat and water pump? Did it make the problem any better or worse?
My friend's F-350, after 11 years (and 300k miles) in the American West (MT and CO, mostly) started overheating when we hooked up a trailer. Flushed the radiator, new t-stat and water pump...nothing changed.
He ended up yanking the radiator, and found that it was almost completely plugged with dust, even though he's chemically flushed it every two years since new...
Ok, maybe it's your gauge or your sender then. The sender is cheap, and you can test the gauge by grounding the sender wire to the block with the key on. The needle should swing all the way up.