Where's the temp sensor on the 4bd1 relative to the thermostat and coolant flow path? Does seem like a thermostat that is not closing completely.
Thermostat should be closed on a cold engine, would explain why the temp reads low then takes a long time to heat up. 
If you get a new one, test it in a pan of boiling water first to check that it's operating at the right temp. Best practice IMO. They aren't expensive and usually a fairly basic job to change out- probably your first port of call.
				
			 
			
		 
			
				
			
			
				-Mitch
'El Burro' 2012 Defender 90.
			
			
		 
	
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