About T'stats running low temps:
T'stats limit low temp,
Radiators limit high temp.
The engine establishes a certain temperature equipibrium which has more to do with the radiator than the T'stat.
The T'stat just helps it warm up faster.
T'stats do not establish operating temperature, unless the ambient temp is suffeciently COLD.
T'stats start to open at their rated temp.
They open FULLY 10-20 above that.
Next to belts and hoses, T'stats have a high failure rate.
Most T'stats are cheaply made.
T'stats fail in the "closed" position. (bad bad!)
T'stats also do not close at the same rate they open. (Boil one with a thermometer on the kitchen stove and check it out.)
Water soluble products start to boil off oil at 180 and this is vital. For effeciency the motor should run right at 180-190. Look at a fuel map. This is not just water temp, but oil temp. HOWEVER, if there is GOOD synthetic oil used, and the engine is in good shape, and the oil IS changed frequently, there is little water product from the blow-by, and collecting in the oil to worry about. Thus running a 160 T'stat, which is where the thermostat OPENS at, and is fully open from 10-20 degrees above that, places you closer to an ideal operating temp - but only in warm ambient weather (!!!). In the winter, you may hold temps right down at 160 at worst. And don't forget, you are also battling the large oil cooler. Personally? I run from 160-190. In my cars that do not have a thermostat, they find their "operating equilibrium" usually above 160 anyway. Lastly, I have never seen water damage resulting from a low temp T'stat.
All the above assumes operating equilibrium of the engine / radiator combination is close to the T'stat temp opening area. It is usually higher. Different conditions for stressful conditions, other modifications, engine condition, etc etc. Adjusting fans is a different matter, but just as important.