I kind of agree with SB.
Looked at the thermostat manufacturers you have website.
Says the stabilization temp is the 215°, full flow 233°.
I guess their claim is the stabilization is where the temp is supposed to "hover" at with the element you have.
And they use the phrase "Typical Stabilization Temp".

So seems that is sort of where you are with the oil stats.

Your latest test though is hard to validate IMO because you didn't do any WOT runs with the stat bypassed as you did earlier when you said So would it reach those temps with the stats bypassed and WOT?? I'd sure be hell trying.

And the dead horse, did you shoot the damn pan of both just to see what the IR gun is reading compared to what the gauges are reading?

Took it out today to get the oil pan numbers after a WOT run. The port engine made it to about 210 degrees (no oil thermostat at all) and the starboard made it to 250-60 degrees(?) Improved Racing said it's not uncommon for the temps to go over the setting and then drop back and stabilize somewhere between the 215 and the 233 degree mark depending on your cooler etc. The WOT video is just for context so you know how long I ran it at WOT and it shows the temps on the gauges. The 2nd video is me trying my best to "shoot the pans" after that run. I don't know if makes much difference or not but I chose to leave them idling. I think I'm going to take "Rookies" advice and bypass the other thermostat too. Thanks for all the help.

So I installed a second set of sending units and located them in the oil line "From the Cooler". I have everything attached to a DPDT switch so now I can see both the hottest oil in the system and the coolest oil using the same gauge just by flicking a switch. I wasn't out long because I'm having a drive issue but I got the oil up to 210 degrees after a WOT run and checked the "cooler" side and the oil was right around 140 degrees. I suppose that this lower number will increase a little after running for a longer period of time but I am confident that everything is good pertaining to the oil temps. I may not have mentioned that I did rebuild the thermostats swapping out the 215 degree internals for the 185 degree internals and that seems to have taken care of the high oil temp's I was observing.