Changing to a lower rated thermostat will NOT cause/make the engine to run any cooler, in itself. It only changes WHEN the coolant starts to circulate. A thermostat that opens sooner will get the coolant circulating sooner, which can sometimes help with temp issues. The entire cooling system has to work together to keep engine temps in check. Big block run hot....period. Put one in a small, cramped engine bay as the Corvette has, and the problem just gets worse.
Make sure all the seals are present on the radiator support, around the fan shroud, and across the top of the rad to seal to the hood. Make sure the fan clutch is in working order. Of course, the water pump must also be in good condition. Be sure the lower air dam has the rubber "extension" on it on the '68-'69 models....very important piece that sometimes goes un-noticed.
All that being said, 200-210 is not all that unusual for a big block....but 180-190 would sure be better.
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Joel Adams
C3VR Lifetime Member #56 
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"