First, an aftermarket 180 degree thermostat is great to have.
www.zxtuner.com has one. H20 pump should be fine. If there is an air pocket, the system will get rid of it itself.
172 is a rich code. I can't see it really making the engine run hotter. Also it doesn't mean the o2 sensor is bad, but if you don't find what is causing it, it will eventually cause the o2 sensor to go bad. There is so many things it could be from, pcv system, intake leak, vacuum leak, etc. And always run with a thermostat...
Zetec engines are known to run hot, it's no big deal. Though using a 180 thermostat and a little more water than antifreeze (atleast in summer or warm locations) helps to keep it cool.