By the look the cooling system is very dirty. It needs a decent reverse flush and cleaning agent in the cooling system to get rid of all the scaling. The outside of the radiator looks still OK. Just a good internal cleaning should fix it. No replacement for the thermostat! You have to make one from a modern thermostat mounted on a piece of pipe with a hole in the side. That is what I did with my 1927 master 6 and it works well. Your radiator cap is not a Buick supplied cap. It is an after market model. They need a good seal otherwise it will leak like a sieve. There are still some companies who make honeycomb radiators but I would say they cost at least 2000 Euro. If your one hasn't got a big hole in it, stick with your one. And believe me the radiator has to be as clean as a whistle to work well! A good quality radiator coolant will keep it clean. I use an oil soluble coolant, it has a higher heat transfer capacity then glycol based coolant. Another hint, connect a piece of hose to you radiator overflow pipe. Have a 4lt container with the hole into the top and put the container under the bonnet under the vaccuum tank. It will collect the water it spits out of the system. If your radiator cap seals of properly it will suck that water back in the engine once it has cooled down. The end of the hose has to sit in the bottom of the container!