The 160 will open at 160.
It will not keep the engine at 160. To do that, you would have to have the fan also come on at 160 - the same fan that now comes on at 228, and stays on until the coolant temp is at 220 (or 218?). If the fan came on at 228, and stayed on, I don't think it could take it down to 160, even with the stat open, and extra coolant allowed to begin flowing.
All a 160 will do is increase the operating range from 160 - 228, instead of 195 (spec stat I think).
A 160 will increase warm-up time, and the engine will not get to closed loop as soon with a 160.
If you want to keep your engine cooler, by lowering the TOP range temp (228), then you need to modify fan activation parameters, or add a fan, or something else, besides the 160 stat. That will NOT LOWER the UPPER END OF THE OPERATING RANGE.
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Edit:
I just read an early post (first 2 pages) in this thread, and I'm raisin' the flag.
You know who you are... You should take that stuff outta' here.