If the cooling fins are not plugged I would suspect the interior coolant passages are restricted with corrosion. Do you know the history of the radiator and coolant maintenance?
No clue and appears to be a ton of hours on her. I looked down into the radiator and the passages look fairly clean. You can see through the radiator as well. Fan blade looks to be in good shape but there is no shroud on it. No idea if they had one when they came out. There is no expansion water vessel either on it so i check and fill as needed. So far am running straight water in her but did put a thermostat into it as there was none when I opened her up after the first round she got hot. The tranny was full of water when I got it as well and have changed that out along with cleaned the screen in there. Sediment bowl had 3/4' of muck in the bottom as well. Many bushings are in need of being replaced I have noted as well.
Got an older one making me search to find anything about it and parts are hard to come by. It is a YM4300D with the 3T90I engine. It is getting hot on me but the radiator is clean, no bubbles in the radiator or water in the oil. Runs about 20 minutes or so before it gets to 190 and climbing. No white smoke but when lug it will put out some soot.
My new-to-me 2wd YM1401.