Replace the T-stat, and you can drill a hole in the body as a bypass. Be sure that there are no air bubbles in the system, as they can cause overheating as well.
for $111, cheap insurance to get the rad replaced. From what I understand, it's a bolt in job. I havn't done it myself though, so no first hand experience.
good luck,
Erik 
ive done it, bolts right in
