Unfortunately, I think that your issue is far deeper than a thermostat (deeper in the engine I mean). I think that you are describing the textbook symptoms of blown coolant seals. The coolant seals typically last about 200,000 miles or 20 years and then they fail. This is usually triggered by an overheating event, but not always.
The coolant seals keep the coolant in the water jacket and out of the combustion chamber. Depending on where in the cycle they fail, the engine may only run on one rotor for a little while after startup until the second rotor has cleared the water out. In extreme cases you may hydrolock (although I have never seen this one).
Basically, coolant seal failure is closest to a head gasket failure on a piston engine.
Your options:
Cry - Won't help much, but you may feel better
Try bars-leak or something similar - this is not a permanent fix, but may buy you a couple thousand miles
Get a used engine and put it in - probably the easiest and least expensive
Buy some $150.00 coolant seals and rebuild the engine yourself - This will cost more than $150.00 and will take a long time for your first time, you could port it while you have it apart...
Get another engine with blown apex seals and make the two into one - I really don't recommend this, but I have seen this work at least twice.
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1986 GXL ('87 4-port NA - Haltech E8, LS2 Coils. Defined Autoworks Headers, Dual 2.5" Exhaust (Dual Superflow, dBX mufflers)
1991 Coupe (KYB AGX Shocks, Eibach lowering springs, RB exhaust, Stock and Automatic)
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