That is a little cool, is the water temp. gauge an accurate one ??, what temp. sending unit are you using ??, where is the temp. sending unit installed ??, also don't wrap the sending unit in Teflon tape it will give it a false reading, in layman's terms, they work as a ground for the gauge, that varies the resistance basically... what temp. thermostat does it have ??, the oil temp is really more important at low temp.s, than water temp. is, try a 180* thermostat or 190* maybe, in the winter if your driving the truck still, your heater & defroster won't be very efficient with 150* water temp.s... What carburetor is on it ??, what jetting does it have ??, what ignition timing ??, does it have a performance camshaft ??, what kind of fuel ??... Sometimes that low of engine water temp., it will make the engine run a little on the "fat" {rich fuel} side also... I'd say drive it some, let it break in, change the oil, to your regular oil, if it's still too cool, then go to a higher temp. thermostat &/or thinner viscosity oil... It's allot better to have it run cool, than too hot...