Badcamin, please reread Vintage68's last post, I think you read it incorrectly.
You stated your temp sender is in the intake crossover, right where it should be, next to the thermostat. Your gauge is reading 220 degF. If you where to add/change it to the water pump, then it would read return water temp from the radiator, 20-30 degF less.
I don't think your engine is running 240 degF.
There was a post on this engine temp in another section last week and alot of discussion and damn good advice was given. You might want to investigate.
As long as the engine isn't boiling over, getting hot, and you have a 20-lb cap on, you'll be fine.