Welcome to the running-hot-and-pulling-hair-out-trying-to-find-it club. Mine still runs 110-120 after removal, checking, and changing the oil cooler just in case. And it seems to run fine like that. Well it did until it seized solid on start-up - but that's got to be a different issue (just waiting for some time to pull the engine again). I run straight 30 oil - so don't think it could be that (been there!). The oil shouldn't break down until around 160 degrees I've been told, so I've given up and will just ignore the gauge (unless it zooms up).
Nick