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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
Really depends on your climate. If you actually have a winter where your heater is required them I wouldn't go lower than 180. Anything lower than 180 will cause conflicts with the pcm regaurding fuel and timing. Also too cool of a engine actually creates friction and wear on metal surfaces