Well, I have a similar problem with my tracker, doesn't sound as extreme, my temp gauge reads a pretty standard operating temp, but my heat is pretty week. On the other hand, the heat in my brother's tracker cranks so hot, that you'd consider taking the top down in the winter. So I don't think it's a matter of the trackers not being capable of producing the temperatures required to provide ample heat.
I think your theory on the thermostat sounds like a possibility, but there's got to be other noticeable symptoms that would indicate a stuck thermostat, but I don't know what they are.