It really depends on how you were driving it. I've found that with spirited driving I can get the oil up to 110-120, water temp doesn't usually rise but it did the other day in extreme conditions. 40 degree day, driving up hills, trying to keep up with a 360, 430, 35GTR etc., windows down and AC on 16 with full fan. I was also holding gears for longer than necessary so I'm pretty sure that was the cause. I haven't been able to replicate the issue since.
Oil and coolant temps will often spike if you turn the car off as the fluids aren't being circulated as they usually would. It's for that reason that I never turn my car off when the oil is above 100 apart from when the scenario mentioned above where I pulled over as soon as the coolant got hot and turned her off for 20 minutes. I generally try to coast at low revs or even neutral for a bit after really spirited driving and that cools the engine down pretty quickly.
I've never had the SMG issue but have read about it before and the resistor seems to be a well supported solution so I'd give that a go. I had thought about doing it but I'd rather not go put resistors in my car when I haven't had the issue. As soon as I have it I will follow the DIY you linked to though.
In short, if you were driving hard then the temps described sound normal on a 40 deg day. If you were cruising then the temps shouldn't spike like that and I'd look at changing the fluids if they haven't been done in a while / were replaced with non OEM fluids. If you weren't driving hard and have new fluids then something's not quite right.