So here's my question. If the thermostat opens once the stated water temp is reached (say 165) which then runs the water through the radiator, how does it keep the temp down to 165? I assume the 195 thermostat did the same thing but opening at 195. However, once opened, is there any difference between the thermostats? They aren't going to close when the engine is running, so they should be operating identically once fully opened. Open flow is open flow.
You need to know that a thermostat has 2 readings that are important actually.
A thermostat has a temperature where it
begins to open and a temperature for
full open.
For most car spec thermostats only 1 spec is given, but could be tested in a pan of water and heat it and check. (I.e. a 180* thermostat will start to open at 180* but will be fully open at 195*)
A thermostat will regulate the temperature by cracking open at its set temperature, and only a partial flow of water goes through the radiator and gets cooled.
The remaining water returns to the engine block directly without cooling but will be mixed with the cooled water returning from the radiator.
The hotter the water the more the thermostat opens and increases the flow/volume of coolant to the radiator, till a temperature point where the thermostat is fully opened and sends as much water to the radiator as possible.
If temperatures of the cooled water are too low the water temperature that comes out of the engine will be too cold, and the thermostat will start to close, allowing the engine to stay warm.
If a thermostat is at full open and the temperatures continue to rise it means your cooling system is not capable of providing enough cooling.
If you would run no thermostat the engine would not reach normal operating temperature and will remain cold. (this assuming you have a capable/good working cooling circuit)
An engine requires to be at normal operating temperature for a cleaner combustion, running an engine too cold will increase carbon deposits in the combustion chambers and foul the engine.
If your car is not a racer i would stick to a standard thermostat for your engine, a 440 does require a healthy cooling system to stay cool.