A 160F thermostat will not help your car run cooler, it will only slightly delay the onset of running hot. Assuming the fan clutch is good and the block clean, the most common reason these cars run hot is because the radiator core has poor fin density. I bought a 4 row radiator once that did the same thing - it was labeled heavy duty and all that (made by Modine) but the fin density was crap. You must use a core with very high fin density or your car will run hot under any conditions where you might use the a/c or even otherwise. I have been through this enough to know better now. Even a three row radiator with a high efficiency core will do just fine. Been there. Good cores will run you $400 or more. Cores that cost any less will not be any good.
Steve