Coolant coming out the overflow means that the cap is not holding the pressure back.
The cap may not be holding the pressure because the cap is bad OR because the pressure is getting too high.
The pressure could be getting too high because it is overheating and turning water into steam, or it could be getting pressurized from a leaking head gasket.
I would start by simply torquing down the head (to specification) and seeing if that helps. It is a 5 minute job and costs nothing.
Since you already have the head gaskets on the way I would try changing them. You might want to run a compression test before you do. While you have the head off you can also inspect the cylinder for any signs of scoring.
If you are overheating then something is wrong somewhere. When the coolant spews out, is it boiling hot or is it lukewarm? If the water isn't boiling hot then you either aren't flowing enough water through the engine or it isn't overheating.
If it isn't overheating, and isn't being pressurized, then it is probably the cap that is bad. Replace it. It is probably the most expensive test but also the least work. If yoru friends have the same bike, borrow their cap and try it.
Rod