Having purchase an IR thermometer I decided to find out how well balanced the system in case this was the cause of premature boiler cycling...
What was immediate obvious was that it wasn't balanced at all! Whether it was never done at original installation or perhaps interfered with by the previous owners I don't know.
Some of the rads, the very small ones, had a virtually no temperature drop (<3C) whereas the larger ones were more like 10C. Obviously these small rads were acting as short circuits and so it's no wonder the boiler was cutting out given the high return temp.
Several iterations of LSV tweaking later, and dropping the pump speed down from 3 to 1, I have achieved a far more even drop across all radiators of between 7C and 10.5C i.e. a 3.5C variation which I'm quite happy with for now. My results are at:
http://www.newtonnet.co.uk/permanent/20101018-Balancing-Results.htm
I'll probably aim for a narrower range once I've fitted a towel radiator and bigger lounge radiator - I don't see the point in putting too much effort into fine tuning now if I'm going to upset the balance shortly anyway.
Thanks for all the help, not only with this post but the forum in general.
As an aside, does anyone have stock of a dozen LSV caps? All mine are fitted with their adjusting knobs and I'd like to remove them to prevent tampering but don't want to leave the bare spindle! Of course I'm happy to purchase them off you for an agreeable price.
Cheers,
Mathew