Howdy Bill, and welcome to the group!
It sounds like you are on the right track with maintenance. I initially thought that the thermostat placement was a problem, but now I'm not so sure-- I think that when the water pump is running, there will be flow in the system- enough to be read reliably on the gage. At some point, though, low cooland levels would affec the gage, I would imagine.
You will want to do the spline lube, requires removing the rear wheel. Search around here, you'll find an awesome, comprehensive writeup with pictures.
The consensus is that the major weak point of the bike is the cam chain tensioners, but if you don't hear any clacking, they probably don't need attention.
I'll be up in Sequim over Thanksgivng week.
Test driving a friends new, to her, 94 VN750 I noticed the temp guage had hardly moved off of the cold mark after 12 miles. Looking into it and doing a thurough bike inspection I found the following: the hose from the thermostat to the reservoir was pinched nearly shut by being misplaced and the reservoir was over full. After letting the engine cool down, I removed the pressure cap and found no coolant visible. It's my belief that the pinched hose would allow the coolant to travel down the hose as the engine warmed up but the pinch did not allow the coolant to travel back to the thermostat area as the engine cooled down. The temperature sensor at the thermostat housing was not exposed to coolant as the coolant was much to low to reach it. I also found alot of rusty coolant. I have drained and flushed the radiator, removed the drain plugs at the bottom and sides of the cylinders and got lots of rust out of them. I found the thermostat covered with rusty sludge and the iron pipe that comes out of the housing corroded away at the O-ring end and corroded where to two hoses attach to it. We've ordered a new pipe, all the hoses, a new thermostat, a radiator cap and O-rings. The Vulcan runs real nice so I think the engine hasn't overheated as yet. This is my first experince with a Vulcan and would like to read your comments about your experinces.