I wouldn't go colder than a 180 personally, there's no benefit whatsoever to running your engine cooler than 180F and if it's overheating, a cooler t'stat won't fix that - but running colder than necessary will keep the oil thick which isn't doing your bearings or fuel mileage any favors.

Removing the thermostat entirely may help band-aid an overheating engine because more flow = more heat transfer (in opposition to "old rancher's tales" about needing to restrict flow, that's simply not true) - but if you're overheating there's a real problem that needs to be addressed. I know on my 87 it was the trifecta of jizzed up radiator, ineffective water pump, and failing fan clutch. After trying every other type of "solution" in the world - electric fan, flex fan, "lincoln locking" the failed OEM fan clutch, etc... ultimately I just threw a whole new radiator ($120 with same day at my house delivery from 1-888-radiator - plus they throw a little bag of candy in the box - ha! clever marketing) and new fan clutch in and never saw the needle rise again.