Ditto lucky number 7. Think of it this way, your rejecting about 15 HP running it up to 2200 with no load on it, if that. If the cooling system has an issue with that there is a problem. There is also no reason to not run a thermostat.
With your radiator it should have a hard time getting up to temp on break in not overheat.
There is a hiccup somewhere.
38 is a lot of timing for that setup. I'd be in the 35 or 34 range.