Of course there is some validity to what you say. Most modern cars run 14-15psi systems, and their coolant have a boiling point in the 250 deg range.
How hot do you think the coolant is going to get?? At atmospheric pressure, a 50/50 coolant mix will boil at about 223 deg F. With four pounds of pressure, it will raise some. I wasn't able to come up with how much, as all of the info I found talked about 14-15 psi systems. Let's say 230 deg F. Well, that's as far as the TR3 gauge goes.
If you are concerned that you will be confronted with an overheating problem, I'd start to think more about an electric fan then a higher pressure cap. Also, does your radiator still have the hole for the crank?? That cuts off about 20% of the cooling capacity of the radiator.
EDIT: BTW, just because you shut off the valve to the heater, that doesn't mean that there is no pressure there. Remember, you are only closing off the water flow into the heater. The other end is open to the pressures of the cooling system...ergo, whatever the pressure is in the cooling system, it will be there in the heater core.