scotch
+1y
That means it's not completely clogged. But the flow could still be restricted.
Don't rule out the water pump - especially since the previous owner was running straight water. I have seen impellers corrode away to nil. Just because it's not squealing means the bearings aren't shot. But it may very well be corroded.
When you say that it revs, does it do it only while the transmission is in gear, or when in gear and in neutral? If only when the transmission is put in gear (and then drops back down when put to neutral), then you have a bad clutch switch - not the starter interlock/inhibit switch, but the clutch switch at the top of the pedal travel.
Just to double check, are you certain you installed the new thermostat in the right direction and not backwards? Also, with the jiggle pin at the top? Somebody on here recently installed one backwards and it certainly gave them some issues.