Gurn,
I do like Lil Foot does, fill it to the top and then work the tractor to get everything up to temp. Once it cools down I check the level to see where it needs to stay.
On my L175 the water level is about 3/4" below the tube, when cool.
This is the only Thermo-Syphon cooling system I have had, so take the following for what its worth: in my opinion it is more important to keep the cooling system clean than in the normal type with a water pump. I check the oil and water level everyday that I use it, before I start the tractor.
I don't see any need to put a water temperature guage on because with this circulation system the water has to boil to circulate. I don't know what the pressure is (my radiator cap is unreadable) but with increased pressure the boiling point of water increases as well. 238* runs through my mind, and I don't want to get in the habit of thinking that ~240 is okay to see.
Hope this helps,
Robert