Water Temp vs Oil Temp?
Assuming your radiator is working effectively, water/coolant temp is just controlled by your thermostat opening temp, so say 90-odd degrees Celsius (sorry, don't do fahrenhiet, I'm English
) Oil temp will be up in the 90's too, but it depends where in the circuit you're looking. At high speed, fully warm, you might well see 110 degrees C in the bearings. The oil gets a real beating inside the bearings. Any hotter than that and the oil life will shorten.
Although oil will normally end up hotter than coolant, the sump oil will probably take longer than the coolant to get to its "final" temp. At light load/moderate engine speed the oil can take ages to get up to max temp. So in normal driving and short trips your oil temp gauge might well show a cooler temp than the water, even though you might think the engine's completely "warm"..
At cruise, just to give a figure, water should match the thermostat temp and oil will be about 90-95 deg C.
The Best of Corvette for Corvette Enthusiasts
185w vs 240 oil
w/oil cooler 185 vs 220
Matt is pretty much correct: On my 350 water temp is anywhere from 185-190 degrees. Oil temp is normal: 215-220 & it can even get as high as 240 on a real hot day. I run 20W-50W for oil. Trans temperature around 160, maybe 200 on a real hot day idling. Trans temp should stay under 200. This is for a TH400. TH350 may run a little bit cooler. 
















