I'm not sure what it is. Right now the plan is to make some calls monday and I'm taking it to a decent shop who will perform a compression and leak down test and pressure test the cooling system. I think this is just the best way to go about it right now. I think following that I'll know what direction I need to go in.

 

Sounds like the crossover tube is clogged.

Do you have a close up pic of the grey specs...

Check these for presence of coolant:
- engine oil,
- power steering fluid (if you have inline PS cooler),
- auto trans fluid (if you have in-radiator ATF cooler).

Steam doesn't usually come out of radiator neck unless it's overheating.

Did you test the thermostat by heating it up in your wife's saucepan and observing that it opens (a thermometer would be good).

If you suspect head gasket, in addition to compression and leakdown tests, try this: http://www.tooltopia.com/lisle-75500.aspx

 

At this point +1 on ND400's suggestions of try another ECT sensor and check radiator and A/C condensor fins for blockage.

 

Hey ND400, whereabouts in Sydney are you from...?

 

South side

And to the op, goodluck with it hope it's something minor like I afformentioned