Well...good and bad news. The good news is that I'm 99% sure I figured out the problem.
The bad news is, this is the problem:
It's 90 degrees out today, and 70% humidity. The "feels like" temp is like 95 degrees. Suffice it to say, it's f***ing hot. The hottest it's been since I started screwing with my cooling issue. I started out by going for a drive today. Derped around in the car until it got warm, and did a couple little cruises on the highway (Euro grille still installed at this point). The car ran consistently at 206 on the highway. It would fluctuate at lower speed cruise (35-50mph) between 203 and 210. Hot.
I came home and swapped in my Eterna grille. Took it back out and ran it under the exact same speeds and conditions as before, and saw over a 10 degree temp drop. The car ran at 196 on the highway at 65-70mph. At lower speed cruise (again, 35-50mph) I saw 196 consistently. The temp even dropped to 193 a few times. The only change I made was swapping out the grille.
This seems to further confirm my assumption that I'm just not getting enough airflow overall. My heat soak issues seem to have subsided a bit, but overall the heat shield doesn't seem to be doing a whole lot to help. I guess I probably need to drive the car more to really tell, but I don't think I'll see any vast improvements until I get that blanket installed.
I'm pretty bummed I may not be able to run the Euro grille. I really like how it looks. I just think that the intercooler, oil cooler, A/C condenser, and grille all combined are just too much of an airflow restriction for the radiator to do its job properly. I need to do a little more testing to really see where I stand, but as of now, I believe I've identified my issue.
Again, thanks to everyone who has made suggestions and helped me out in this thread. Every little bit helps.