The sensor seems to be working correctly
What does "seems to be" mean? have you verified 100% that the gauge is reading the exact temperature (or at least within five degrees) of reality by comparing with a known good gauge and sender? Or at the very least using an infrared thermometer, or basting thermometer in the filler neck?
Guessing the water pump is bad....
Possible, but kind of a long shot as blu was saying. I've seen them cause trouble, but by that time they were so far gone that the impellers were half worn down.
However, if you did not check yours while it was apart, it's possible you missed a dying impeller from rusting off to almost nothing. Rust is a killer sometimes.
Just how bad was the rust? If bad enough it can actually effect the heat transfer to the coolant as well. Not just from the surface coating itself, but by disrupting the flow in critical areas.
If there is any doubt, I would run some Thermo-Cure (by Evapo-Rust) through it for a week or more and then re-flush the system. Before you just throw another part at it.
It's also possible that your pump was just a very poor design if it was a more modern aftermarket (cheap Chinese) replacement. But doubtful even that would be enough to cause your issue. Just not out of the question either.
It would take a pretty piss-poor design, since they've been making even cheap ones perform just fine for getting pretty close to 100 years now.
Any cheap replacement should work if it's got a decent impeller, but I'm a fan of Flowkooler long before I started selling them, so whenever I have a pump off I just go big bucks and buy what I feel is the good stuff.
Other issues can be ignition timing and overall tune, ignition quality, carburetor jetting, choke not functioning properly, defective or under-performing thermostat, wrong size pulleys,hard use under hard conditions (is this an automatic trans, with big tires and stock gearing by any chance?) and probably a few other things.
Definitely not just the few things you've replaced, but they can contribute.
We've found that in general a Bronco that is having a very consistent and repeatable condition of running even just slightly hot is not going to be cured by adding a shroud. It takes other things working properly too.
But a shroud is always a good thing anyway, so even though it was not your issue in this case, it's better that you have one on there now.
Good luck.
Paul