Overheating on run stand

Not sure what the issue is but rebuilt 340 is overheating on run stand. Fired up today(2nd time on stand) to dial in timing and it's overheating to approx 110-120*C.
1st fireup was no stat. 2nd fireup I installed 180 stat. Not 100% sure on what timing is at yet, but approx 30* at approx 2300 rpm with va and carb both plugged.
Think it's timing??
Video of 2nd start