Thanks for the replies. I will check the thermostat as soon as I can.
Meanwhile I went for another ride at the weekend and paid extra careful attention to the temp.
It was a warm day (most in in Costa Rica!). When I started it was in the mid 70's at about 3500 feet above sea level. At the mid point, and slowest, point of the ride it was mid 80's and about 300 feet above sea level before climbing back to 3500 at the end.
I noticed that on a fairly fast (between 40 and 60 mph most of the time) twisty road with lots of acceleration but also lots of braking and coasting that if I changed gear at around 4 -5 k the temp was fine. However, as soon as I went into much slower section, (20-30mph) the temp started to rise. Then there was a mid speed steep extended twisty climb (average 30-40mph) at the end of that climb the engine was in the first red section. As soon as I started descending again the temp dropped back to slightly above the half way point on the gauge. The last section was freeway, again the temp started to rise if I cruised at anything above 5,000, even though that meant I was doing about 80mph.
So it seems I can draw a couple of conclusions.
1. Air cooling if very important, if there is decent airflow the engine is fairly happy.
2. High rpms, or high engine load, push the temperature way up.
I am not sure if that helps diagnose the problem but at least it gives me some guidelines of how to ride around it.
BTW when it was in the red zone I could definitely feel more heat coming from the engine.