cjc56,
What temp rating is your thermostat? Other than the dash gauge reading a bit high (which is a cheap safety feature, haha) and never having checked one with a heat gun, at first guess it seems pretty normal.
I found this on another car make/model website (from the 70's & not Ford) so it isn't specifically about older y-blocks but I thought it very clearly & thoroughly explains engine cooling.
Given the explanation below, and your heat gun readings, I think your engine temp is fine.
excerpt from ->
http://www.bricklin.org/TechCentral/TCArticleV6n2p5.htm
" I'd like to explain the theory of overheating. A
car with a 15 pound radiator cap will not boil the water in the radiator until the coolant reaches approximately 250 degrees temperature. With anti-freeze, the boiling point is 250 to 260 degrees. You can run your car at 240 or 250 degrees without hurting anything, as long as the water in the radiator doesn't boil. Once the water boils, it will immediately push water out the overflow, lower the coolant level in the radiator, and give you air bubbles circulating through the cooling system. Air bubbles do not cool an engine, so the engine temperature will immediately skyrocket. Your main concern should be to keep your engine below the boiling point of your coolant. If your radiator cap is no good, it will lower the boiling point of your coolant to 212 dgrees. A leak of any type anywhere in your cooling system will have the same effect. That is why you must have a good radiator cap on your car.
Many people get worried if their car gets up to 220 degrees. On a hot day, going up a hill with your air conditioner on, that is a normal temperature, and is nothing to worry about, as long as you aren't losing coolant. You can safely operate to 240. Above 240 you are nearing the boiling point of your coolant, so start being concerned. If you reach a point that your coolant boils, the radiator cap will immediately release the pressure on the radiator, and the coolant will immediately boil out the overflow.
Now get worried!! stop the car and cool it off. If you continue to drive past this point, the engine temperature will skyrocket. The gauge will not show how hot it really gets, because the gauge will only read water temperature. Once the water boils, there is steam in the cooling system, and the gauge doesn't read steam pressure. The gauge can read 220 after overheating and boiling, but in actuality, it is closer to 300. Once the water boils, the gauge is useless. If you don't stop the car and cool it off at this point, you will cause engine damage, such as blown head gaskets, cracked heads and blocks, etc. "