Ok guys and gals, Here is what I did and discovered.
I took the "thermostatic valve" off and soaked it in CLR for about 24 hours. It still looked a little rusty in there so I soaked it in some OSPHO for another 24 hours. After that I boiled it in some hot water with a hose attached to it. According to the candy thermometer in the pot with the valve, it closed at about 195 to 200º I thought that a bit too high, but I installed it anyway. After driving around the block a couple of times, it was obvious that the problem was not remedied. I then thought, “why not? I’ll just go ahead and block it up and see what that gets me”. So I put a plug into the hose right before the thermostatic valve. Well, I have not been able to create the problem since!
I took a drive at noon down Country Club Rd. (what a great drive for the Z) and not one sputter!!!! I even turned the AC on for the way back just to tax the most out of the engine, and it purred like a kitten!!!
So, after all this, I am convinced, the water flowing through the carbs was, plain and simple, just a bad design! Maybe if that water originated post radiator, and not post engine block it might make a little difference.