If the air and water passages are all clear and it is pumping fluid and air through the radiator properly then it must be something else. That overheat from the fan belt loss could have done some damage. I forget how many hours you said you have but it is reccomended that you retorque the head at 50 hours. Have you checked the head bolt torque. Here is a link to a retorque procedure on Johns site.
http://johnstractor.homestead.com/JMretorque.html
This might be a silly question but have you confirmed the actual coolant temp as compared to the gauge? You see if it is a head gasket, it is not actually overheating. If the radiator is flowing air/fluid properly and coolant is circulating through the system, it is dissipating the heat generated by the engine. A leak in the headgasket dosn't generate any additional heat, it just redirects hot exhaust gas into the cooling system that would normally go out the exhaust pipe.
When running under load, the combustion gasses are very hot. If this hot gas is injected into the cooling system, it immediatly rises to the highest point, in this case up through the thermostat heading for the top of the radiator. As it does this it passes the temp sensor in the thermostat housing. The sensor dosn't care what it is measuring, it just measures whatever is flowing past and that hot gas in the water makes the gauge go up while the average water temp is not much different than normal. The increased pressure from the added combustion gasses forces past the radiator cap and can make it look like it is boiling over by venting fluid and steam out the overflow or if it is really bad, around the cap itself.
Liquid cooled 2 strokes typically have the temp sensor right in the top of the cylinder head. When they loose a headgasket, the temp gauge will act like a throttle position sensor, more throttle, gauge goes up, less throttle, gauge goes down. More throttle, overflow tank erupts, less throttle overflow settles down.
If it turns out to be a head gasket, they are not all that difficult to change. In fact only a few additional steps added to that retorque procedure in the above link would have it done. I don't know what you received for spare parts with your tractor but the toolbox that came with mine from the factory in addition to some hand tools included a headgasket as well as most of the seals used in the tractor It even had light bulbs and a set of intake and exhaust valves/springs. It was quite extensive. The only thing required beyond basic hand tools would be a torque wrench. Since it is an overhead valve engine, and there is pretty good access to the engine, I would guess you could replace it in 2-3 hours or less.