I had a ‘94 S-10 Blazer with the 4.3 Vortec that I bought brand new in Colorado (approximately 5,000 ft. elevation.) Mine would do the same thing when cold to highway operation. It would spike up on its way to operating temperature, enough that it would trip the “check gages” light. Then as soon as it did it would come right back down and settle down at operating temperature no matter what. It seemed like it was worse at elevation. It acted like the thermostat was lazy to open, but when it did it was fine. I took it to the dealer under warranty and they wouldn’t do anything about it. I wanted them to replace the thermostat with a 180* unit and they said that the emissions system would not function right. So I just waited until it ran out of warranty and replaced the thermostat myself with a 180* and didn’t have any more problems with the “check gages” light coming on after that. It would still spike, but not as bad. I never had any problems passing emissions inspections and ran that engine to 315,000 miles with no problems.