340 Overheat / Radiator Geyser

Sounds like either your thermostat is NFG or you have the head gaskets buggered up. Pretty obvious you're not circulating coolant.
I'm thinking old car, old motor sitting awhile, spring in lower hose rotted and jamb in pump. Happen to me once. I knew the pump was the issue, so when I took the pump out, there was the spring, stuck in the prop. Crazier things have happened. This is my thought.