If it's not overheating, it could just be the temp sensor failing you.
1998 Roush: M112'd Aluminum block 4.6L 2V 6 speed track car
1999 SVT: Mostly stockish
1970 Mach 1: Resto-modded monster
2000 Roush #5004 - World's FIRST M112'd V6 Mustang. Sold, but not forgotten.