Looks like I may be past the issues with my cooling system. Drilled the hole and reassembled. The coolant level was actually down to the top of the thermostat housing neck but decided to try checking out the system anyway. Ran the engine for 15 minutes at 1200-1500 RPM. No coolant was driven out the overflow. The temp gauge needle very slowly rose, JUST passed the 180 dot (it's a 1946 gauge) and then slowly dropped to where the top 1/2 of the dot was covered by the needle and appeared to remain there. Yes, I will add more coolant than I currently have in the system.
Now to attack the carb issues. My kingdom for an affordably priced Carter YF that would my 235.
Thanks for the guidance.
Bob