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Lower thermostat will make the engine run cooler when moving, won't change where the fans come on so at a light or in stop and go traffic the engine temp will still run up to 228 or so. I don't like to run mine that cool.
Not sure what the throttle body kit is, do you mean bypass? If you do mean the bypass the only thing it buys you is simpler removal and installation of the intake manifold or throttle body. There is nothing else to be gained with this modification.
A throttle body kit---usually called a TB-coolant bypass kit--- It was installed by GM to warm the T-body in extremely cold or freezing conditions----If you live in one leave it be--
However if you don't--the bypass kit will help in NOT heating up your fuel and incoming air--Theoritically will add some HP--but reality not much--It does prevent some removal of timing due to increased incoming air temps-so that will add some HP
Pretty much the same for the 160* thermo---Running the eng cooler will prevent unwanted removal of timing due to the hotter running eng-Also a hotter coolant temp will increase the underhood temps and falsely increase the IAT temps and remove a ton of timing----A 160* thermo won't make it run 160--but more like 185*---However if you don't also change the fan settings as mentioned--it won't run cooler at all !!