SW20 Overheating Issue

Hey guys,
 
I took my 93 MR2 GT for a drive yesterday after installing some new suspension, I was test driving it so I was going pretty hard. When I got home I let it sit for a little while like I always do and after a little while the temperature shot up to max on the gauge and coolant spilled out of the overflow. I assumed this would be due to me topping up my coolant before taking it for a drive, I didn't bleed the system at that time (rookie error). After the car cooled down, I bled and topped up the coolant, I took it out for a test drive again that night and the temp was fine.
 
Today I bled the system again and more air came out, topped it up and took it for a spin, again I went pretty hard, when I got back and let it sit the temp shot up again! This time it came back down when the fans cut in but the needle stayed above half, I've read that a proper working cooling system in the SW20 should never go above half on the temp gauge. Is there still air in the system? or could it be something else (thermostat maybe?).
 
On a side note I saw some coolant dried up (has the consistency of wax) sitting on the bottom of the turbo and other parts underneath it, I can’t figure out where this could have come from.
 
For now my plan is to keep bleeding the system and testing it, but I do have to to attend to the coolant built up on the turbo, I tried uploading pics but I failed at it.
 
Has anyone had this happen or know what could be wrong here? Any help or advice would be appreciated, cheers. Sorry for the essay.
 
PS. A bit of background info, when I bought my car it overheated the day I picked it up because an old hose burst and the radiator was blocked. I took the rad out and got it serviced, changed all the hoses to silicone ones and cleaned out the hard lines, used Nulon red 50% premixed, that was around about 3 months ago and the temp has held fine since then, even on 30+ degree days in Sydney peak hour traffic.

Overheating issues are a ba$tard! If you're lucky it's something as simple a bad radiator cap or thermostat. If those two check out, then headgasket is the likely culprit. Did you check for any milky residue under the oil cap?
 
If it had a few overheating issues in the past, then the head may be warped which would've caused the headgasket failure.

could possibly be that HOSE FROM HELL,
Sounds like a HG
Make sure you are following the CORRECT bleed procedure however.
IF you want to test thermostat, pull it out and drop it in boiling water.
Although if you fill the fill neck up take the rad cap off, start car, let go to temp, if the water goes down thermostat has opened allowing mixture to flow.

If you topped up the coolant via the reservior and there was already coolant in the reservior then you shouldn't have introduced any air into the system. Considering your car had the coolant flushed/changes 3months ago and you are runnign low on coolant isn't a good sign, especially if there are no external leeks. If your loosing coolant it has to be going somewhere, so either the head gasket into the cylinders or I'm not sure. When you get it serviced they will be able to pressure test and see if coolant comes out the exhaust. From what you have described it is very much what happens with a aHead Gasket issue.