Just my opinion, but you want to run thermostats.
Below 160 you will actually start to wash the oil off the cylinder walls, and since your fuel doesn't vaporize completely you loose performance and fuel efficiency (well, such that a flathead is fuel efficient to begin with

)
You will also contaminate your lube oil.
Besides, thermal cycling isn't too good for anything.
Your engine will be happier and live longer running >160, but not overheating. Most oils today are OK well into the lower 200 degree range. 215-220 is fine.
Are you running 50/50 glycol? Pressurized or open system?
See my other post today about specific heat and water vs 50/50. You will get better cooling with pure water and an additive package to protect from corrosion.