I have been running a 160 degree thermostat for 2 years. In conjunction with the fan override switch I can keep the coolant temp with 100 degrees of ambient temperature.
The Oil and transmission fluid temp. also stays with 10 degrees of the coolant temp.
The first few months I had the car it ran between 190 and 230. The fluids smelled burnt, I was getting an average of 23 miles per gallon, and my best time in the quarter was 13.6 at 101. Since I changed to a 160 degree thermostat and use the fan switch I now get and average of 25.5 miles per gallon, best ET was 13.39 at 103 and the transmission fluid and oil smells like new. The engine also stays noticeably cooler. Since I replaced many vaccume lines and hoses with the thermostat change, they still are fresh and pliable. I put on about 10,000 miles this way. The car also seems much more responsive in hot weather. I did the throttle body bypass too. I pass emmissions by a wide margin.
The 160 works great for me. I went from a 195, never had the 180.