Hi Corwin,
So sorry to hear of the issues with your Montreal. Unfortunately I have the same issues with my car and learned that the engine was rebuilt two or more years prior to my purchase. As I understand from my experienced Montreal engine re-builder, the same head gaskets (from MrFiat (or I believe Spezzio)) were used for another car and it exhibited 'fire ring deterioration'.
after a spirited drive I noticed the temperature gauge approaching 100C and coolant overflowing the reservoir when the engine was turned off, so perhaps the gaskets failed. When checking head nut torque only about 30 ft-lbs were required to loosen the nuts prior to oiling and re-torquing them. They were torqued to 67 ft-lbs or so as suggested in Montreal the Essential Companion but the bubbling continues. MtEC suggests other reasons for coolant loss but I believe you've checked off all of them. When performing the chemical 'Block Test' my engine was 'fine' -until turned off, at temperature, at which point bubbling became very pronounced and the block test chemical shifted to show exhaust gasses bubbling up out of the overflow reservoir. They could only come from the engine...
Despite the failed block test, there is no oil in the coolant or coolant in the oil. After each 30 minute drive or so, I check and use a radiator cap tester to pump coolant back from the overflow reservoir into the thermostat housing (with caps removed). If I didn't pump the coolant back into the radiator, eventually the coolant level would drop below the temperature sensor in the radiator, which would most likely prevent the fan from coming on and cause overheating. In my case, I know that at least the head gaskets need to be replaced. I have put off this major job for a couple reasons; mainly fear of the Spica and fear of finding heads that need expensive (crack) repairs. I have purchased new gaskets from "Gaskets to Go" and Reinz (I think).
Mark