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Fatsky
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I think the stock thermostat on a LT1 is a 180 degree thermostat.
More than likely your '95 has the green coolant in it. GM didn't use the dex-cool in the vette until the '96 model year.I use the private label anti-freeze from your local auto parts store. Prestone and the other brands are good, but the generic stuff is made by them too and is cheaper.
If your '95 has the "orange" high mileage stuff (Dex-Cool), be sure to flush it all out before refilling with the "green" anti-freeze. As far as a t-stat, just get a factory replacement - same type and temp (190~195).
To bleed, I usually start the vehicle up and let it idle until it comes up to temperature. As the engine begins to get warm, you will see a bunch of air being burbed out of the system. You probably will have to add more water as it warms up, but watch the resevoir opening carefully as the temp. gets close to 212, because the water will begin to boil out of the resevoir if you just leave it open. If done properly, when the temp. reaches 212 and the water just starts to boil out of the resevoir, put the cap on very quickly and you should be good.
If you need to bleed more air out you can always use the small brass screw on top of the t-stat housing, but using this usually gets water on the Opti-Spark, not a good idea. One way to tell if you have a lot of air in the system is by looking at your temp gauge. If it seems to be bouncing around and giving you erratic readings, then there is still some air in the system causing hot spots.
CG
It has been a while since I did this last but with 3-4 changes and no air bubbles, etc let me offer a few garage tips I used:
Use GM thermostat if at all possible. LT1 has unique two way thermostat due to reverse cooling flow, most aftermarket thermostats get this wrong
While cool and filling up the coolant reservoir wrap a couple of shop towels around the thermostat brass air bleed screw and crack it open until you get coolant weeping out, the shop towels will keep it out of the Optispark.
After you get coolant out there go to the rubber hose that connects the aluminum steam vent line between the cylinder heads. This hose is near the back of the intake where the fuel lines come up. Take it loose, it's a squeeze clamp.
Keep filling the coolant reservoir until get coolant out of this line. At this point all the air should be forced near the highest point which is the reservoir tank.
Reconnect the hose and fill the reservoir tank up.
Start the car and let it idle until the thermostat fully opens, watch the temp gauge.
Top off the coolant reservoir and add coolant to the overflow tank, down low near the radiator to the hot line.
Enjoy and drive.
This seems to work for me with no air bubbles or overheating. May not be exact shop manual method but works well and seems easy.
Good luck, Thanks,
Mike