Smoody. I think you should add a bit more Antifreeze if it is at only 10% drain about 1 quart more of water/mix and add in about 1 quarts more of antifreeze, this is probably not perfect but closer to where it should be mixed with what you already have,
also if the overflow hose is stopped up it wouldn't be pushing water into the catch bottle, much less sucking it back out, Is the hose/tube in good condition?
I replaced the rad cap on my 1700 last summer with a 10psi, I cannot remember the spec on the original one but I thing it was a couple psi different one way or the other, In any case the 10psi has been working fine,
another thing I wouldn't be sure of is the engine temp reading of the block and cylinders, there are water jackets surround the cylinders, water could act as a buffer, presenting a hotter reading against the cylinder and a bit cooler reading on the exterior,
a temperature sending unit reads the actual water temperature from inside the block,
realizing your tractor has only the Dummy light, You might tray using a cooking thermometer inside the radiator filler neck, of course being careful when removing the cap and using a cloth, Or I'm sure letting it set for about 15 minute would allow to cool some, you might add a few degrees to the reading if letting cool,
I know at this point your not sure if to invest much $$ into the tractor, but if all is well and it's just a matter of getting the cooling corrected, a temp Gauge on the dash sure is handy to have, Rather inexpensive ( 30.00 ) and easy to install