I'm with Dick on the water pump symptoms. They usually fail by the seals or bearings failing. My experiences have always seen water pump failures manifested by overheating due to coolant loss. Maybe I've just been lucky they were obvious and easy to spot.
If your coolant level was low due to a leaking water pump, I don't think it would heat up and then drop to normal running temp. It would stay hot/overheated.
The thermostat could be sticking closed a bit long before finally opening. That's why you see what you do on the gauge.
A third and quite often overlooked culprit could be your radiator cap. With a pressurized cooling system, if it's leaking a bit before sealing to build up pressure, I believe you'll see symptoms similar to what you are describing.
Both a radiator cap and thermostat are cheap. Change the radiator cap first and see if it resolves the situation. If it does, you don't have to bother getting coolant all over your hands

(hate the stuff) Better yet, you can return the thermostat and buy an extra gallon of gas!
If the cap swap doesn't work, then you'll have the peace of mind after changing your thermostat that you know the radiator cap is good.
I hope the cheap parts solve your problem.
