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Assuming my 1982 CE has a 160 degree thermostat, what should the oil and coolant temp gauges read after the engine is warmed up? Right now it appears they stay in the 165-175 degree range after 15 minutes at highway speeds.
You should be running 180-200. Nice problem to have in a Corvette. Guys are usually more concerned about running too hot. A hotter thermostat should do the trick.
160º t-stat is too low.
from the factory your car came with a 195º T-stat and it was DESIGNED was run in the 195-215º operating range as the higher temps help keeps emission levels down. If for some reason you need the car to run at lower operating temps (although for the life of me i wouldn't know why since these are the temps the car was made to run at) you could go to a 180º t-stat and possibly lower your operating temps IF YOUR COOLING SYSTEM IS UP TO IT.
Assuming the cooling system was working well enough to drop the temps even lower with the 160º unit than that low of a operating temp is too low as it isn't high enough to effectively burn off all the vapors in the crankcase and you will end up with condensation developing, causing sludge to develop in the crankcase and you also get an increase in wear in the cylinders.
Do yourself a favor and go back to the factory 195º t-stat or at least to a 180º if you really insist on a change.