I guess I'm going have to eat some humble pie. It looks like the problem was not an exhaust system restriction.
After I put the flowmaster on the truck and drove it around I took out the plugs and the insulators were pinkish in color. Hmm, looks like the carb is running lean. So, I took my truck to a shop that specializes in carb work and asked them to check the air-fuel mixture. Well they did and they said the carb was running slightly rich. However, the real problem was that the timing was off and that is why the engine was overheating. The previous mechanic swears up and down that he set the timing correctly.
I have not yet tested the truck for overheating because a seal on the steering box started leaking like crazy and its back in the shop for steering box repairs.
Go figure, while I had the engine out for rebuilding I did not overhaul the power steering box (although I did put in a rebuilt power steering pump and hoses) because the previous owner had overhauled it three years ago. The truck had been immobile for the 18 months prior its resurrection and I guess the seal did not like being brought back to life.
As soon as I get the truck back I will post an update on my journey of truck rebuilding.
-David