Hey Swampdonkey,
That lack of circulation problem you mentioned could happen fairly easy.
If the coolant level in the system drops below the impeller in the pump, it's all over. No more pumping. Even if youv'e got a full radiator. If you develop a small leak while running, then it may not take long for the level to drop down far enough to stop the pump. No liquid moving, no cooling, even though the radiator may still be slam full.
I would imagine that if the system you had on your preveous boat had air trapped in it, the result might be the same.
We don't have a liquid cooled boat in the fleet, but if we did, I would mount the radiator as high as possible.
Just my opinion. Stay cool.