I always used to run a 180 t-stat with the carb'd deal, keeps the engine warm enough, yet stays cool enough too. Never had a problem with it.
On the TBI i always run the 195, i tried to run a lower one and the engine/computer didn't like it.
Yet on the TPI 350 i had in my IROC, i ran the 180 to try to keep the engine cooler, trying to get alittle bit more performance out of along with a lower temp fan switch.
I personally wouldn't run anything lower than the 180 though.