These engines were designed to run at 200F to 220F coolant, if nothing else for emissions and fuel economy, but if they run significantly cooler than 200F continuously, the oil never warms fully, and this can cause several long term issues:
1. Accelerated cylinder bore wear.
2. Higher oil pumping losses.
3. Higher shear film losses in the bearings, meaning more parasitic HP drag, which leads to...
4. ...in these engines especially, cold oil can increase the probability of spinning rod bearings.
5. If the oil doesn't regularly get hotter than boiling water, the water (a combustion byproduct) can't leave the oil through the PCV system. Water hinders oil's ability to lubricate, and increases corrosion in the engine.
Colder thermostats, especially down to 160F is a 1970's drag racer trick. If you want to treat your modern fuel injected, computer managed engine to this, hey, it's your motor, knock yourself out, but I don't recommend it.
If you're trying to fix an overheating problem, a cooler thermostat isn't the answer, it just delays the onset of overheat, but it doesn't solve the underlying problem, which is likely either a coolant flow issue (think clogged radiator passages, stuck thermostat, bad water pump), or an airflow issue through the radiator.